Instructions on Digital Onboarding and Electronic Know Your Business

Central Bank of Oman | البنك المركزي العماني

Confidential

30 June 2026

Circular BM 1231

To: All Licensed Banks
Finance and Leasing Companies (FLCs)
Money Exchange Establishments (MEEs)
Payment Service Provides (PSPs)
Operating in the Sultanate of Oman

After compliments,

Subject: Instructions on Digital Onboarding and Electronic Know Your Business (e-KYB)

1. Globally, the use of digital onboarding as an alternative to face-to-face onboarding is experiencing significant growth, driven by the adoption of emerging technologies. These digital solutions offer a convenient tool to access banking services, making them valuable means for financial inclusion and digital banking transformation.

2. In alignment with the CBO's strategy to drive digital transformation and support Oman's national aspirations for economic prosperity through innovation, the CBO has developed regulatory Instructions on Digital Onboarding and Electronic Know Your Business for legal persons. These instructions establish a robust framework that ensures operational resilience, mitigates systemic risk, and enforces compliance with global best practices.

3. Under Phase 1, the CBO issued Instructions on Digital Onboarding and Electronic KYC (e-KYC) for natural persons through Circular BM 1191 dated June 06, 2023. The CBO appreciates the efforts made by the financial sector to connect and use the Oman Credit & Financial Information Centre (Mala'a) as the National Digital Onboarding Registry (hereinafter also referred to as the 'Registry') for the digital onboarding of natural persons, including e-KYC refresh for existing account holders.

4. Similarly, the Central Bank of Oman advises that the Registry (Mala'a) is now authorized to offer Electronic Know Your Business verification services for legal persons. The Registry will continue to act as an independent and reliable data and information source for the Financial Institutions (FIs) to verify information during the onboarding of new customers and when updating information of existing customers.

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Central Bank of Oman | البنك المركزي العماني

Confidential

5. In the above context, FIs shall take necessary measures to ensure that the identity of the beneficial owner, nature of business, ownership and control structure of the legal person are verified in line with CBO's instructions issued through Circular No. AML/CFT/2022/310 on Beneficial Ownership Guidelines.

6. FIs shall also ensure that they comply with the AML/CFT Law (30/2016) and other regulatory requirements issued from time to time.

7. We would like to reiterate that the digital onboarding of customers (natural and legal persons) shall be carried out only by connecting to the Registry and in accordance with the CBO instructions issued via Circular No. BM 1191 (e-KYC) and the current instructions.

8. All FIs are also advised to submit a status report on the implementation of Digital onboarding and e-KYB instructions to the Sector Development Department (SDD) by 31 December 2026. The status report shall be submitted to the SDD within two months from the end of the reporting period and a copy to AML/CFT department within CBO.

Best regards,

[Signature]

Ahmed Al Musalmi
The Governor

Encl.: Instructions on Digital Onboarding and Electronic Know Your Business (e-KYB)

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