Regulatory Alerts2021-07-07 | No. E/81/2021CMA Instructions on AML/CFT Implementation for Insurance and Takaful Companies, Brokers and Agents
The Oman Capital Market Authority issued Decision No. E/81/2021 to mandate insurance and Takaful companies, brokers, and agents to implement comprehensive anti-money laundering and counter-terrorist financing obligations. Licensed entities must conduct documented risk assessments covering customer, geographic, and product factors to determine whether enhanced or simplified due diligence measures apply. The instructions require strict customer and beneficial owner identification using official documents, ongoing transaction monitoring, and the maintenance of written risk records, while repealing prior AML/CFT directives.
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