Oman Central Bank Circular No. BM921/2001
Customer Due Diligence for Banks
Type
Regulatory
Agency
Oman Central Bank
Issued on
12 Nov 2001 (corresponding to 27 Shaaban 1422 H)
Jurisdiction
Oman
Taxonomy
Financial Institutions, Banks, Regulation & Offences
To: All Licensed Banks in Oman
Subject: Customer Due Diligence for Banks
In the context of greater use of electronic media and the banking transactions acquiring cross-border status, the need for sound Know Your Customer (KYC) procedures to protect banks’ reputation and integrity needs no emphasis. Inadequacy or absence of sound KYC standards exposes banks to serious customer and counterparty risks, especially reputational, operational, legal and concentration risks. Thus, KYC procedures should constitute an essential part of sound risk management systems in banks.