MUSCAT: The Omani authorities have issued an important notice for businesses in the precious metals and stones trade sector. Establishments operating in this industry are now required to appoint a dedicated compliance officer to ensure adherence to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This measure aims to strengthen regulatory oversight and prevent the misuse of high-value goods in illicit financial activities.
Businesses must submit the details of their appointed compliance officers to the Ministry via the designated email address: aml@tejarah.gov.om. The authorities emphasize that timely compliance is mandatory, and failure to adhere to these requirements may result in penalties or regulatory actions. This directive forms part of Oman’s broader efforts to align its financial and trade sectors with international standards for transparency and security.
The move reflects growing global attention on the role of the precious metals and stones industry in financial crimes. By mandating compliance officers, Oman seeks to create robust internal monitoring systems within establishments, ensuring that transactions are properly recorded, suspicious activities are reported, and regulatory obligations are met. This proactive approach also safeguards the reputation of the sector and promotes trust among international partners and clients.
In addition to regulatory enforcement, authorities encourage businesses to provide their compliance officers with appropriate training and resources to fulfill their roles effectively. A well-informed compliance officer can identify potential risks, implement preventive measures, and facilitate ongoing coordination with regulatory bodies. Overall, the initiative is a significant step toward strengthening the integrity and security of Oman’s precious metals and stones trade sector.
