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DUBAI: Remittances will be placed under greater scrutiny in Oman in a bid to tackle money laundering, national daily Times of Oman reported.
The new system implemented, named Enhanced Due Diligence, has been introduced to target high-risk and high-net worth customers engaged in large transactions or money exchanges, the report added.
Under the new scheme customers sending money abroad, or exchanging currencies will have to declare the source of their funds and provide evidence of the source – such as a bonus, salary advances or bank loans, if the amount is larger than their income.
“According to the guidelines issued by the Central Bank of Oman with regard to the Anti-Money Laundering law, transactions of over OMR400 ($1,040) have to undergo Enhanced Due Diligence,” Syed Faraz Ahmed, General Manager at Oman United Exchange, told the local news site.
The new rules will come into force from March 22, 2018.