As the landscape of digital communications and fintech continues to challenge the boundaries between legitimate financial institutions and unlicensed operators, the Central Bank of Oman (CBO) has introduced a confidential reporting mechanism. This channel empowers stakeholders in the banking and financial sectors, along with the wider public, to report unlicensed entities operating within the Sultanate of Oman.
The CBO has established a dedicated email address, [report-unlicensed@cbo.gov.om], enabling individuals and organizations to confidentially submit information or suspicions regarding ‘Unlicensed Banking Business’ and ‘Payment Services’ providers operating without the necessary licenses in Oman.
In a circular released on Wednesday, CBO Executive President Tahir Salim al Amri stated, “It has come to our attention that certain persons/entities engage in businesses/activities (…) without obtaining the required license. In the past, the Central Bank of Oman has issued warnings to unlicensed operators and sensitized the public not to deal with unlicensed entities.”
Amri further explained, “To enhance the efforts to detect such unlicensed entities/persons operating in the financial sector, it has been decided to introduce an anonymous whistleblowing channel as a communication conduit with the whistleblower (public and all market participants, including the licensed institutions) to report any suspected cases of unlicensed business falling under the ambit of the CBO licensed institutions.”
The CBO’s action aligns with Article 5 of the Banking Law, which mandates that operators secure a license from the CBO. Similarly, Article 5 of the National Payment Systems Law prohibits the provision of payment services without the requisite license.
Crucially, whistleblowers can rest assured that their identities will remain confidential. This initiative is not only aimed at safeguarding the interests of licensed operators but also at protecting unsuspecting customers from potential fraud.
This development follows a series of advisories issued by Oman’s central bank over the past year, warning consumers and the public about various risks, including electronic phishing, donations to anonymous or suspicious charities, and activities related to anti-money laundering and terror financing.
