|
h
|
Location of
Head Office: Bank Al Markazi Street, Muttrah
Business District, Ruwi |
|
h
|
Commercial
Registration Number: 1/14573/8 |
|
h
|
Banking
Licence Issued by the Central Bank of Oman |
|
h
|
Registered
as a Company Under the Laws of the Sultanate
of Oman |
|
h
|
Name of
Regulator: Central Bank of Oman |
|
h
|
Licence for
Capital Market lines of business such as
Asset Management, Brokerage, Advisory
Services and Underwriting issued by the
Capital Market Authority (CMA), Sultanate of
Oman |
|
1
|
Does the
Sultanate of Oman have established laws to
prevent and criminalise money laundering? |
Yes. The
Sultanate of Oman has enacted Royal Decree
No.34/2002 dated 27th March 2002 issued by
His Majesty Sultan Qaboos Bin Said, Sultan
of Oman, whereby the Law of Money Laundering
has been issued. The Sultanate of Oman is
also a member of the Gulf Coordination
Council (GCC) which is a council of States
located in the Arabian Peninsula. The GCC is
a member of the FATF. Oman is therefore
committed to adopting FATF prescriptions.
The Central Bank of Oman has been among the
first Regulators in the region to address
anti-money laundering issues. |
|
2 |
Does
BankMuscat (SAOG) have established written
policies and procedures to combat money
laundering? |
Yes.
BankMuscat has a well documented Anti-Money
Laundering Policy and Procedures which are
updated periodically. BankMuscat complies
with the Wolfsberg Anti-Money Laundering
Principles for Correspondent Banking.
FATF/OECD prescriptions and the Guidelines
issued by the World Bank are incorporated
wherever required. |
|
3 |
Does
BankMuscat have well defined customer
acceptance, identification and monitoring
policies and procedures? |
The Bank has
well defined customer acceptance,
identification and monitoring policies and
procedures. |
|
4 |
Does
BankMuscat have internal audit and review to
ensure correct implementation of anti-money
laundering policies and procedures? |
Yes.
Anti-money laundering policies, procedures
and functioning of controls are reviewed
periodically by the Internal Audit
Department. |
|
5 |
Does
BankMuscat have systems and controls to
detect, monitor, investigate and report
suspicious transactions? |
The Bank has
systems and controls to detect, monitor,
investigate and report suspicious
transactions. The Royal Oman Police has
established a specialized ‘Department of
Economic Crimes’ to investigate and follow
up on suspected money laundering instances.
Suspicious transactions are reported to the
Royal Oman Police and the Central Bank of
Oman. |
|
6 |
Are staff
who report suspicious transactions protected
against any punitive action? |
Yes. Staff
who report suspicious transactions are
protected against any punitive action. |
|
7 |
Are persons
under investigation for suspicious
transactions informed of the investigation
under process? |
No. Persons
who have suspicious transactions under
investigation are not informed about the
suspicion / suspicious transaction and
reporting thereof. |
|
8 |
Does
BankMuscat maintain records of transactions
on customer identification, account opening
documents, and correspondence? |
BankMuscat
maintains records of customer
identification, account opening documents
and correspondence for a sufficiently long
period of time as required by the law and
regulations. Presently the period is ten
years. |
|
9 |
Does
BankMuscat have any dealings with ‘Shell
Banks’ or banks without any physical entity
in any clearly defined jurisdiction? |
No. The Bank
does not have any dealings or relationships
with ‘Shell Banks’. |
|
10 |
Does
BankMuscat have a Know Your Customer Policy
and are the staff trained in the importance
of customer identification? |
The Bank
organizes training programmes/deputes its
staff for training programmes on Know Your
Customer policies and anti-money laundering
awareness. Updates on regulations,
typologies of money laundering and lists of
suspect organisations and individuals such
as the list circulated by the Office of
Foreign Assets Control of the Department of
the Treasury, US Government, are provided to
the staff. |
|
11 |
What is the
shareholding pattern of BankMuscat? |
BankMuscat
is a company registered as per the laws of
the Sultanate of Oman and has a wide spread
shareholding. The major shareholders are
established entities. The shares of the Bank
are quoted in the Muscat and Bahrain Stock
Exchanges. |
|
12 |
Does
BankMuscat have clear procedures for
disclosure in wire transfers? |
Yes. Full
details of remitter/customer (name, address,
account number) are disclosed on outward
remittances (wire transfers). The Bank
requires similar information to be disclosed
by remitting banks/its Correspondent banks
while making inward remittances. |
