MUSCAT : The CBO, in partnership with the Capital Market Authority, has launched the first phase of an advanced electronic program for the use of banks and other licensed financial institutions in collecting and analyzing money laundering and terrorist financing risks.
The program is in tune with CBO’s efforts to strengthen, develop and modernize the anti-money laundering system and terrorist financing in the financial sector and keep abreast of global developments in this field.
The program will be used to collect and analyze data and also to evaluate results of questionnaires, which provide comprehensive assessment of risks and related factors. It is a risk-based classification system that is compatible with one of the most prominent digital solutions issued by the Financial Action Task Force (FATF).
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The CBO works to enhance the systems used in it based on the results of the national and sectoral assessment, desk analysis and on-site inspections that it performs for the financial sector and any emerging risks at the local and international levels.
The Central Bank has held introductory seminars about the program for all licensed institutions in order to train the employees of these institutions to use this program with efficiency.
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