MUSCAT : This innovative platform is the first of its kind to automate the inspection processes for companies licensed by the FSA.

The new system enables both on-site and office inspections to be conducted electronically, significantly enhancing efficiency. It allows for the comprehensive documentation of all transactions between the FSA and regulated companies, ensuring that compliance with regulatory requirements is thoroughly tracked. The system also features a database that provides valuable data and statistics related to the oversight process.

This move translates the national priorities of Oman Vision 2040 and achieves one of the three sectoral objectives of the FSA’s Strategic Plan (2021-2025), enhancing the FSA’s performance through speeding up the digital transformation process.

It is worth mentioning that the Anti-Money Laundering and Combating Terrorism Financing Department has previously launched the e-system for risks matrix which supports risk-based approach to identify ML/FT risks for companies licensed by the FSA. It allows positioning each company in the risk measurement indicator in accordance with internationally recognized standards.

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