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Cautionary Statement from the Central Bank of Oman on Unlicensed Money Collection and Transfer Business.11/4/2020 12:00:00 PMCautionary Statement from the Central Bank of Oman on Unlicensed Money Collection and Transfer Business.​It has come to the notice of the Central Bank of Oman that there are non-licensed shops and individuals in the Sultanate who are engaged in the conduct of international money transfer through an application called, "Bkash".<p>​<span style="text-align:justify;">It </span><span style="text-align:justify;">has come to the notice of the Central Bank of Oman that there are non-licensed shops and individuals in the Sultanate who are engaged in the conduct of international money transfer through an application called, "Bkash".</span></p><p style="text-align:justify;">The Central Bank of Oman, hereby, calls for the public to be cautious and to withhold from utilizing the money transfer services offered by shops and persons who are not licensed by the Central Bank. The conduct of money transfer business by non-licensed entities / individuals is illegal and incriminated pursuant to Oman laws, and customers depending on such illegal channels are vulnerable to the fraud risk and they may lose their hard-earned money. <br></p><p style="text-align:justify;">The Central Bank warns all shops and individuals that the collection and transfer of money without license are considered as violations under the provisions of the Banking Law, the National Payment System Law and the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) Law, and whoever commits any of such violations shall be subject to a number of punishments, including imprisonment and fines.<br></p>0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB701001A1EADFFD0CD66409B1A45E335F4666A

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