Central Bank Circular No. BM1134/2015 Imposition of Penalties for Non-compliance with the Regulatory Framework of Central Bank of Oman

To: All Licensed Banks and FLCs

Operating in the Sultanate of Oman

After Compliments,

Sub: Implementation of International Financial Reporting Standard 9 on Financial Instruments

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1. Reference is invited to Article 14 (g) of the Banking Law No. 114/2000 (Banking Law) and Regulation No. BM/REG/012/5/78 empowering Central Bank of Oman (CBO) to impose sanctions on Licensed Banks for failure to comply with directives or policies of CBO, the provisions of the Banking Law, the rules and regulations of CBO or other applicable laws of the Sultanate.

2. While reiterating the stipulations in the Regulation referred to above, and in furtherance, the Board of Governors (BOG) had resolved that a Matrix of Penalties for such non-compliance be laid down and the same was disseminated to licensed banks vide Circular BM 962 dated November 15, 2003.