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CBO issues warning on illegal money transfer business

4 Nov 2020

The Central Bank of Oman (CBO) on Wednesday warned the public about the unlicensed money collection and transfer business.

It has come to the notice of the CBO that there are non-licensed shops and individuals in the sultanate who are engaged in the conduct of international money transfer through an application called ‘Bkash’, the CBO said in a statement.

‘The CBO, hereby, calls for the public to be cautious and to withhold from utilising the money transfer services offered by shops and persons who are not licenced by the central bank,’ the CBO said. 

The central bank further said that the conduct of money transfer business by non-licensed entities/individuals is illegal and incriminated pursuant to Omani laws, and customers depending on such illegal channels are vulnerable to the fraud risk and they may lose their hard-earned money.

The CBO warns all shops and individuals that the collection and transfer of money without a licence are considered as violations under the provisions of the Banking Law, the National Payment System Law and the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) Law, and whoever commits any of such violations shall be subject to a number of punishments, including imprisonment and fines.

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