MUSCAT – The Central Bank of Oman has issued a circular with instructions for banks when opening bank accounts for freelancers and independent professionals.
The circular instructs all banks to assess the risks of money laundering and terrorist financing before opening bank accounts for freelancers and independent professionals. The circular also stresses on the importance of notifying customers who use their personal accounts for commercial purposes of the necessity of opening a separate account.
Credit card facilities are also to be available for bank accounts in this category, and they will be included within the percentage specified by the Central Bank of Oman to finance small and medium enterprises.
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