Financial Crime World

Oman’s Capital Market Authority Intensifies AML/KYC Training Programs for Financial Institutions

The Capital Market Authority (CMA) has launched a comprehensive training program aimed at enhancing Anti-Money Laundering and Combating Financing Terrorism (AML/CFT) knowledge among employees of capital market and insurance sector institutions in Oman. This initiative is part of the CMA’s 2021 plan to intensify its AML/CFT training programs.

First Workshop: “Risk-Based Approach and Enhanced Due Diligence”

The first workshop, scheduled for July 29th, will focus on “Risk-Based Approach and Enhanced Due Diligence” and will be organized in collaboration with the International Compliance Association (ICA), a leading British body for global regulatory and financial compliance. The ICA is renowned for its expertise in best practices in governance, risk management, compliance, and combating financial crime and money laundering.

Objectives of the Training Program

The CMA’s Anti-Money Laundering/Combating Financing Terrorism Department will conduct four workshops this year, one each month starting from July 2021. The program aims to:

  • Disseminate knowledge and awareness on identifying suspected money laundering and financing terrorism
  • Conduct risk assessments
  • Apply precautionary measures

Previous Workshops

Earlier this year, the CMA organized a workshop for licensed companies in collaboration with the National Centre for Financial Information and another with the Public Prosecution on the Anti-Money Laundering/Combating Financing Terrorism Law enacted by Royal Decree No. 30/2016.

Goals of the Authority’s Efforts

The authority’s efforts are aimed at ensuring compliance with international standards and best practices in AML/KYC regulations, ultimately protecting Oman’s financial sector from money laundering and terrorist financing activities.

By intensifying its training programs, the CMA aims to strengthen the knowledge and skills of employees in the capital market and insurance sectors, enabling them to effectively identify and mitigate risks associated with money laundering and terrorist financing.