Oman expats face new rules for remittances

A man carries a stack of Omani riyals. (Shutterstock)
Updated 26 February 2018
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Oman expats face new rules for remittances

DUBAI: Remittances will be placed under greater scrutiny in Oman in a bid to tackle money laundering, national daily Times of Oman reported.
The new system implemented, named Enhanced Due Diligence, has been introduced to target high-risk and high-net worth customers engaged in large transactions or money exchanges, the report added.
Under the new scheme customers sending money abroad, or exchanging currencies will have to declare the source of their funds and provide evidence of the source – such as a bonus, salary advances or bank loans, if the amount is larger than their income.
“According to the guidelines issued by the Central Bank of Oman with regard to the Anti-Money Laundering law, transactions of over OMR400 ($1,040) have to undergo Enhanced Due Diligence,” Syed Faraz Ahmed, General Manager at Oman United Exchange, told the local news site.
The new rules will come into force from March 22, 2018.


RBS says Saudi bank merger boosts its core capital

Updated 16 June 2019
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RBS says Saudi bank merger boosts its core capital

  • RBS had a 15.3% interest in Alawwal bank
  • The changes would boost the banks CET1 core capital ratio by 60 basis points

Royal Bank of Scotland (RBS) said on Sunday the completion of a merger between Alawwal bank and Saudi British Bank would lead to RBS shedding $5.9 billion of risk weighted assets and boost its core capital.
RBS, through Dutch subsidiary NatWest Markets N.V., was part of a consortium including NLFI and Banco Santander S.A. that held an aggregate 40% equity stake in Alawwal bank, the British bank said in a statement. RBS also had an interest equivalent to a 15.3% stake in Alawwal bank.
RBS said that as a result of the merger completion, it would recognise an income gain on disposal of the Alawwal bank stake for shares received in Saudi British Bank of almost $503 million and a reduction in risk weighted assets of nearly $5 billion.
RBS also said the deal would extinguish legacy liabilities of almost $377.
The changes would increase the bank's CET1 core capital ratio by 60 basis points, it said.
The merger will also help RBS to focus on its target markets, RBS chief executive Ross McEwan said in a statement.
RBS, which was rescued in 2008 with a nearly $57 billion capital injection by the British government, has been shrinking its overseas operations since the financial crisis to focus on its UK lending operations.