OAB supports “Suspicious Transactions Awareness Forum” organized by National Center for Financial Information

Showcasing its commitment to prevent the Bank and the Sultanate from being used as vehicles for money laundering, financing terrorism and other financial crimes, Oman Arab Bank (OAB) partnered with the National Center for Financial Information (NCFI) in the recently organized seminar titled “Suspicious Transactions Awareness”. The seminar held under the patronage of HE. Hamood bin Sangour al Zadjali, Executive President of the Central Bank of Oman (CBO) and President of the National Committee on Combating Money Laundering and Financing. The event provided a platform that brought together renowned experts and professionals in the Anti-Money Laundering and Combating Financing Terrorism (AML/CFT) field from, Australia, Austria, Italy, Lebanon, Netherlands, United Kingdom, United States and the GCC. The seminar was also attended by representatives from the public and private sector.

Following the amendment issued earlier this year to the law for combating money laundering and terrorist financing, No.(30/2016), particularly to the rules and regulations on risk assessment and preventive measures, the seminar covered various topics including the role of the NCFI in combating money laundering and terrorism financing, global challenges and domestic and international cooperation in the field of AML/CFT, best international effective practical applications and practices in preventing money laundering and terrorism financing, approaches of risk assessment in financial crimes.

Colonel Ahmed Bakhit Al-Shanfari, Acting Chief Executive Officer of NCFI said, "The Seminar was intended to create awareness and exchange experience of the risks associated with money laundering and terrorism financing and develop the capacity-building of the staff working in the field of fighting against money laundering and terrorism financing." He added that "conducting such seminars will boost public understanding of how the new anti-money laundering new law affects various institutions and the community in general."

Amin Al Husseini, CEO of Oman Arab Bank said, "This seminar was a perfect example of the efforts being made by the NCFI to safeguard the Sultanate's economy and making it an attractive destination for investments."

He went on to say that OAB’s legacy over the past thirty years has been built on trust established due to the Bank’s continued efforts to protect its customers and their finances. OAB is continuously improving its products and solutions with additional security measures to ensure that the investments of its customers are not susceptible to any illegal or fraudulent transactions.