CBO instructs banks to open separate bank accounts for Freelancers and Independent professionals


Central Bank Of Oman issues instructions to banks to facilitate the opening of bank accounts for commercial purposes for those with freelancing and independent professions, and to provide the necessary credit facilities for this category

In a circular issued on Monday CBO said:

The Central Bank of Oman directed all banks to:

1- Facilitating the opening of bank accounts for this category, considering assessing the risks of money laundering and terrorist financing.

2- Notifying customers who use their personal accounts for commercial purposes of the necessity of opening a separate account.

3- Providing credit facilities for this category and including them within the percentage specified by the Central Bank of Oman to finance small and medium enterprises.

4- Giving self-employed and independent professionals the same benefits granted to small and medium enterprises.

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