To: All Licensed Banks Finance Leasing Companies Money Exchange Establishments Payment Service Providers Operating in the Sultanate of Oman

After compliments,

Subject: Transaction Monitoring & Suspicious Transaction Reporting Guidelines

With a view to reiterate the importance of an effective transaction monitoring and suspicious transaction reporting framework, aiming to help the financial institutions to identify the good industry practices and highlight the areas having weaknesses, it is decided to issue the attached Transaction Monitoring and Suspicious Transaction Reporting Guidelines.

This attached Guidelines will help the supervised entities in benchmarking their monitoring framework and STR reporting and against the AML-CFT Law 30/2016 and CBQ'’s instructions.

An effective suspicious transaction reporting is not possible without well-developed monitoring controls and therefore, financial institutions are expected to be aware about the good and poor practices of the transaction monitoring process.

These guidelines have been finalized in collaboration with National Centre for Financial Information (NCFI) and any clarification on the attached guidelines may be referred to AMLCFT Department at Central Bank of Oman.