Muscat, 2 Mar (ONA) — The Capital Market Authority (CMA) intensified its efforts in anti-money laundering and combating financing terrorism through developing legislative and regulatory frames to protect the capital market and safeguard institutions from criminal transactions.
Those efforts come as part of the national efforts exerted by the National Committee for Combating Money Laundering and Financing Terrorism.
Majid Mohammed Al Kiyoumi, Director of Anti -Money Laundering and Combating Financing Terrorism Department at CMA said that the Authority has taken many steps in this regard, pursuant to the Royal Decree No. 30/2016. It also instructed all entities governed by CMA to apply electronic payment methods and circulate report forms issued by the National Centre for Financial Information to detect suspected transactions of money laundering or crimes of financing terrorism.
Al Kiyoumi added that the CMA is aware that the first line of defence is the dissemination of awareness. To this end, CMA organized 8 workshops on risk based approaches, suspected transactions and the method of reporting. In addition, a workshop was held on Anti-Money Laundering and Combating Terrorism Financing Law, targeted financial sanctions, cross-border customers and financial payments as well as using social media platforms to spread awareness on such crimes and their economic and social impacts.
Al Kiyoumi added that the Department analyzed the data of 81 companies and prepared a risk matrix to identify the companies exposed to high risk and developed an audit and examination plan based on the outcome of the analysis. A comprehensive audit was carried out for 13 companies and another thematic audit for four companies, while meetings were held with 8 companies. It also issued compliance orders for 9 companies after the conclusion of the audit and examination process.