Workshop organised on Risks Management and Organisational, Regulatory and Institutional Requirements

Muscat: The Capital Market Authority (CMA) conducted a workshop on Risks Management and the Organisational, Regulatory and Institutional Requirements, which comes as part of its efforts to enhance the anti-money laundering and combating financing terrorism system in its regulated sectors.

It was given by Ahood Issa Al Balushi – Certified FATF Assessor and attended by compliance officers and those related to companies regulated by the CMA in both capital market and insurance sectors.

During the workshop, the attendees were introduced to the organisational and regulatory requirements following the FATF recommendations and the Law of Combating Money Laundering and Terrorism Financing No. (30/2016) and instructions issued by the CMA on the implementation of this law to the capital market institutions (Decision No. 80/2021) and insurance and takaful companies, brokers and agents (Decision No. 81/2021).  

The workshop shed light on the institutional requirements that should be met by the licensed entities concerning the implementation of a risk-based approach which is the basis of the institutions’ due diligence procedures towards the clients including client identification and verification by official documents, as well as verification of the identity of the person acting on behalf of the client. Other institutional requirements include record-keeping and mechanisms for reporting suspicious financial transactions. Such procedures enhance the anti-money laundering and combating financing terrorism system in such institutions and contribute to decreasing their risks level.  

It is worth mentioning that this workshop comes within a series of programs and workshops related to anti-money laundering and combating financing terrorism, held by the CMA, represented by the AML & CFT Department, in cooperation with different entities in this field.  This leads to filling the CMA’s role in raising awareness of its regulated entities on the one hand and issuing regulatory legislation and inspecting companies on the other hand.