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Central Bank of Oman Issues Guidelines on Customer Due Diligence for Financial Institutions

Muscat, Oman - The Central Bank of Oman has issued new guidelines requiring financial institutions to conduct thorough customer due diligence (CDD) to prevent money laundering and terrorism financing.

Guidelines Overview

The guidelines, which came into effect on [date], require financial institutions to identify and verify the identity of certain individuals and entities when establishing a business relationship or carrying out transactions. These include:

  • Trustees, managers, directors, or persons in equivalent positions
  • Settlors, founders, or persons in equivalent positions
  • The trust or legal arrangement, including any persons settling assets into the trust or legal arrangement
  • Protectors or persons in equivalent positions and exercising ultimate effective control over the trust
  • Beneficiaries or persons in equivalent positions
  • Signatories

CDD Requirements

Financial institutions must also ensure that documents, data, or information collected during the CDD process are kept up-to-date and relevant. This includes reviewing existing records, particularly for higher-risk customers and transactions.

Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Policies

The guidelines also require financial institutions to develop and implement AML and CFT policies, controls, and procedures to ensure compliance with the law and relevant regulations.

Record Keeping Requirements

Financial institutions must maintain records of transactions, business relationships, and CDD processes for at least 10 years. These records must be kept in a way that allows them to be made available immediately to judicial authorities, the Center, and supervisory authorities upon demand.

Background

The Central Bank of Oman has issued these guidelines to ensure compliance with the Anti-Money Laundering and Combating the Financing of Terrorism Law (Law No. [Number]) and relevant regulations.

About the Central Bank of Oman

The Central Bank of Oman is the supreme monetary authority in Oman, responsible for maintaining price stability and ensuring the efficiency of the financial system. The bank was established in 1974 and has been playing a crucial role in promoting economic growth and financial stability in Oman.

Contact Information

  • Name: [Name]
  • Email: [email]
  • Phone: [phone number]

Governor, Central Bank of Oman