The Financial Services Authority (FSA), represented by the Anti-Money Laundering and Combating Financing Terrorism Department, launched the AML/ CFT Inspection System; which is considered the first system for automating the inspection processes of the companies licensed by the FSA.

This system enables conducting on-site or office inspection processes electronically. It also allows documenting all the transactions between the FSA and the regulated companies by following up the extent of such companies’ compliance with the requirements and uploading all the documents in a database that could provide data and statistics. 

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 Financing Terrorism 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.