Advanced electronic programme launched to analyse money laundering and terrorist financing risks

Muscat: The Central Bank of Oman (CBO) has launched an electronic programme to analyse money laundering and terrorist financing risks in the financial sector.

In continuation of the consistent efforts by the CBO in enhancing, developing and updating the anti-money laundering and combating the financing of terrorism (AML/CFT) efforts in the financial sector and keeping abreast with the international developments in this respect, CBO launched phase one of an advanced electronic programme for the use of banks and other licensed financial institutions in the operations of analysing ML/TF risks, jointly with the Capital Market Authority (CMA).

The programme is used in gathering and analysing data of high quality. It is also used for analysing data collection results, providing comprehensive analyses of risks and relevant factors apart from being a risk-based classification system. This is one of the major programs encompassing the features of the digital solution in the papers issued by the Financial Action Task Force (FATF).

CBO is dedicated to enhancing its systems based on the outcomes of the national and sectoral assessment, offsite analysis and onsite inspection it conducts for the financial sector together with any risks emerging at the local and international levels.

As part of the preparations, CBO conducted a series of introductory workshops for all licensed institutions to train their employees on efficiently and effectively using this programme.