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Oman’s Capital Market Authority is sharpening its focus on improving its anti-money laundering and counter-terrorism financing measures through legislative processes.
The efforts are aimed at protecting the capital market and insurance institutions from illicit criminal activities as a part of an initiative by the National Committee for Combating Money Laundering and Financing Terrorism.
The Director of the Anti-Money Laundering and Combating Financing Terrorism Department, Majed Mohammed Al Kiyoumi, stated that the Capital Market Authority is taking a number of steps in this regard pursuant to Royal Decree No. 30/2016 (Anti-Money Laundering and Combating Financing Terrorism Law).
The CMA has directed all entities that are regulated to implement electronic payment methods and circulate reporting forms issued by the National Center for Financial Information for suspicious transactions. The Department has also issued the key observations and the defects identified during audits and examinations.
Al Kiyoumi also stated that the CMA is aware of the first line of defense being the dissemination of awareness among the compliance officers of the companies. The authority put together eight workshops on a risk-based approach, enhanced due diligence, suspicious transactions, and reporting methods, as well as a workshop on the Anti-Money Laundering and Combating Financing Terrorism Law, targeted financial sanctions, cross border customers, financial payments as well as using social media platforms to spread awareness on such crimes and their economic and social impact.
Moreover, Al Kiyoumi added that the Department carried out an analysis of the data related to 81 companies and formulated a risk matrix to identify which companies are exposed to higher risks. It also devised an audit and examination plan based on the results.
The comprehensive audit covered 13 companies, whereas a thematic audit was carried out for four companies, and meetings were conducted with 8 companies. Compliance orders were sent out to 9 companies after the results of the audit and examination process were given.
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