Muscat – Freelancers and independent professionals are required to open separate bank accounts in order curb the risks of money laundering , the Central Bank of Oman (CBO) has stated.
In a notice issued on Monday, CBO stated that instructions have been issued to banks to facilitate the opening of bank accounts for freelancers and independent professionals, and to provide the necessary credit facilities for this category.
CBO informed that businesses that enable an individual to provide services or products without establishing a workplace or obtaining a commercial licence are classified as freelancers or independent professionals.
It also notified such professionals who use their personal accounts for commercial purposes of the requirement to open a separate account.
In a note to banks, CBO urged provision of credit facilities for this category and their inclusion within the percentage it has specified for financing as small and medium enterprises. ‘The decision gives self-employed and independent professionals the same benefits granted to small and medium enterprises.’
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