MUSCAT: The Central Bank of Oman (CBO) has warned individuals and shops involved in illegal money transfer business in the country.
In a statement issued, CBO also called on citizens and residents to exercise caution and warned against dealing with individuals and shops who are using “unlicensed” methods to transfer funds abroad.
“Dealing with unlicensed money transfer operators are illegal and is a criminal offence according to the Oman law,” CBO said in a statement.
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According to CBO, customers who are depending on these channels are vulnerable to the risk of fraud. CBO also warned individuals and shops against collecting money and transferring it without a licence from the apex bank.
“This is in violation of the provisions of the Omani Banking Law, National Payments Systems law, Anti-Money Laundering and Terrorism Financing Law, and anyone who commits this will be subject to several penalties, including imprisonment and fines,” CBO added.
