New remittance rules announced in Oman

PHOTO

With the announcement of the new rule regarding remittances, expatriates making large financial transactions will come under scanner to put a check on money laundering.

According to Times of Oman reports, a new system called Enhanced Due Diligence will come into effect fromMarch 22and will target high-risk and high-net worth customers engaged in large transactions or money exchanges.

"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, was quoted as saying.

The new system requires customers to declare the source of their funds and evidence of the source such as while transferring abroad bonus, salary advances, or bank loans, if the amount is larger than their income.