Anti-Money Laundering

Anti-Money Laundering

Anti-Money Laundering

Oman believes in adopting best international practices applied in effectively combating money laundering and combating the financing of terrorism, with the aim of warding off these transboundary crimes away from Oman’s promising and solid financial and economic systems and preserving and safeguarding its current and future gains and achievements,” Tahir bin Salim al Amri, Executive President of the Central Bank of Oman (CBO)

Risk of non-compliance with the AML/CFT Laws and guidelines has been significantly increasing in the recent times. The regulatory authorities have been imposing heavy fines and taking stringent action against the violators.

Financial institutions and Non-financial Businesses and Professions and Non-Profit Associations and Entities, are under tremendous pressure to manage the risks of ML/FT.

Entities falling under the purview of AML law:

Financial institutions (FI)

  • Banks and finance leasing companies
  • Money Exchange houses

Designated Non- financial Businesses and Professions (DNFBP)

  • Real estate brokers and agents
  • Traders in precious metals and stones
  • Attorneys, notaries public and Accountants / Auditors / Reviewers
  • Provider of services to Trust companies

Services we offer:

  • Developing AML/CFT framework in compliance with CBO guidelines
  • Review of your AML/CFT policies and procedures Manual
  • Employee training and upskilling
  • AML/CFT independent Audit
  • KYC Remediation

Our experienced and certified professionals assist the organisations in compliance with the AML law and other regulatory guidelines by conducting employee trainings and imparting awareness among the employees on compliance aspects and developing AML policies and providing insights on improvising AML controls in the organization. We specialize in helping financial institutions harness technology to create effective, efficient, and sustainable AML/sanctions programs.

Crowe Oman also performs vulnerability assessments, compliance program evaluations, and gap analyses to assist clients in reducing their money-laundering and sanctions exposure, implementing operational solutions, and enhancing their overall risk management.