• Oman

    • Central Bank of Oman issues warning on illegal money transfer

    By on November 4, 2020
    omr
    omr

    Muscat: The Central Bank of Oman said that it has learned that some individuals and shops are conducting money transfer business in the Sultanate without a license, in order to transfer international funds using unlicensed methods and systems such as the application of “cash”.

    The bank called on all citizens and residents to exercise caution and not to transfer funds through services provided by individuals and shops that are not licensed by the Central Bank of Oman.

    It also pointed out that dealing with unlicensed money transfer activities is illegal and criminal according to Omani law.

    The bank has warned customers who depend on these channels that it is illegal and makes them vulnerable to the risk of fraud and losing their money. It also warned individuals and shops against collecting money and transferring it without a license from the Central Bank of Oman.

    This is in violation of the provisions of the Omani Banking Law, the Law on National Payments Systems and the Law on Combating Money Laundering and Terrorism Financing, and anyone who commits this will be subject to several penalties, including imprisonment and fines.

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