What is the AML law for Oman?

The AML law for Oman is outlined in ‘Royal Decree No. 30/2016 Promulgating the Law on Combating Money Laundering and Terrorism Financing.’ This law sets guidelines for financial institutions in risk assessment and customer due diligence practices. Compliance with this law is crucial for businesses operating in Oman to prevent money laundering and terrorism financing activities.

What do the regulations entail?

The regulations entail various obligations and measures to combat money laundering and terrorism financing, which businesses operating in Oman must comply with to stay within the legal framework, here are a few regulations to keep in mind:

Politically Exposed Persons and EDD Measures
The regulations require businesses to determine if their customer is a Politically Exposed Person or holds a public office, and to implement Enhanced Due Diligence measures accordingly.
Reliance on External Services
Businesses can rely on external services to apply measures of due diligence, but they are responsible for collecting all diligence information from the third party without undue delay. It’s also essential to note that businesses remain liable for maintaining compliance and fulfilling AML and KYC obligations, regardless of reliance on a third party.
Record Retention
Businesses are required to retain data for at least ten years as a part of their AML and KYC obligations for due diligence.

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Why it’s important to comply with the regulations?

Complying with Oman’s Anti-Money Laundering (AML) regulations is crucial for businesses operating in the country to prevent financial crime, including money laundering and terrorism financing. Failure to comply with these regulations can result in severe consequences, such as fines, reputational damage, and even criminal prosecution. By staying compliant, businesses can protect themselves from potential threats and demonstrate their commitment to ethical business practices. Additionally, compliance with AML regulations can help businesses build trust with their customers, investors, and other stakeholders, leading to long-term success and growth.

How can Idenfo Direct help?

Idenfo Direct can help businesses stay compliant with AML regulations in Oman by providing an automated name screening solution. This solution cross-checks customer names against databases and watchlists to identify high-risk individuals, including Politically Exposed Persons and other individuals who exhibit a higher risk profile. By using Idenfo Direct’s name screening solution, businesses can ensure enhanced accuracy and efficiency in their customer due diligence practices, making it easier to comply with AML regulations in Oman.

Furthermore, Idenfo Direct can collect all relevant data for a business’s KYC and AML compliance when screening their customers for due diligence. This helps businesses stay compliant with the requirement to collect all relevant data from third parties without delay, as mandated by Omani regulations.

Count on Idenfo Direct to assist you in meeting your regulatory requirements, enhancing customer experience, and ensuring the security and compliance of your business.