CBO called on all citizens and residents to exercise caution and avoid transferring funds through services provided by individuals and shops that are not licensed by the bank.

“It is illegal and criminal to engage in unlicensed money transfer activities as per the Omani law. The CBO warns customers who rely on these channels that it is illegal and would make them vulnerable to fraud and loss of money.”

Central Bank of Oman also warns individuals and businesses against collecting and transferring money without a license and this would be considered as a violation of the provisions of the Omani Banking Law, Anti-Money Laundering and Terrorism Financing, and other laws. Penalties include imprisonment and a fine.