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Oman Tightens Banking Regulations to Combat Money Laundering and Terrorism Financing

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The Sultanate of Oman has recently reinforced its banking regulations to combat money laundering and terrorism financing, ensuring a safer financial system.

Strengthened Regulatory Framework

In recent years, Oman has implemented various laws, decisions, and guidelines aimed at preventing the misuse of its financial institutions. Under Law No. 30/2016, Anti-money Laundering and Combating Financing Terrorism (AML/CFT), financial institutions are required to implement strict measures to detect and prevent money laundering and terrorism financing activities.

Compliance with International Standards

The regulations also adhere to international standards set by the Financial Action Task Force (FATF), which provides a comprehensive framework for combating money laundering and terrorism financing. Oman has further committed to implementing United Nations Security Council resolutions aimed at preventing and suppressing terrorism and its financing.

Enhancing Transparency and Risk Assessment

To enhance transparency, Oman has issued guidelines on beneficial ownership, allowing financial institutions to verify the identities of their clients and ensure that they are not engaging with individuals or entities involved in illegal activities. The country has also established a local terrorism list, which is regularly updated to reflect new information on designated terrorists and terrorist organizations.

Typologies for Different Sectors

In addition, Oman has implemented various typologies for different sectors, including insurance and capital markets, to help identify and report suspicious transactions. Virtual asset service providers are also required to register with the relevant authorities and adhere to AML/CFT requirements.

Financial Institutions’ Responsibilities

Financial institutions in Oman must conduct regular business risk assessments to identify potential vulnerabilities and implement measures to mitigate these risks. The National Centre for Financial Information (NCFI) has issued guidelines on indicators and typologies of terrorism financing, which provide financial institutions with valuable insights into the tactics used by terrorists to launder their funds.

Conclusion

Overall, Oman’s strengthened banking regulations demonstrate its commitment to combating money laundering and terrorism financing, ensuring a safe and stable financial system that supports economic growth and development.