Oman: Now, large financial transactions from this Middle East Country will come under the scanner. Oman has announced new remittance rules. Under this rules, money laundering will be checked.
According to the report published in Khaleej Times, new system, Enhanced Due Diligence will be implemented from 22nd March. These rules will target persons who are engaged in transactions of higher values.
Talking on this, Syed Faraz Ahmed, General Manager at Oman United Exchange told that Enhanced Due Diligence rule will be imposed on transactions of over OMR 400. It also makes it mandatory for the customers to disclose the sources of the money if the amount is more than their income, Khaleej Times reported.