01
Money changing, remittance and PSP activity cannot be combined by a label
The full flow of funds is mapped: whether the business receives cash or non-cash funds, exchanges currency, sends or pays an international transfer, maintains a customer balance, issues a payment instrument, appoints an agent or provides technology only. The published CBO policy distinguishes applications for money changing and for money changing with remittance. Payment accounts, e-money, acquiring and other payment services are tested separately against the PSP regime. A commercial registration, bank contract, white label or application does not replace permission for the financial service actually performed.
02
The new Banking Law operates with non-conflicting CBO instruments
The Banking Law promulgated by Royal Decree 2/2025 replaced the former banking law and modernised the regulatory perimeter. Circular BM 1211 also addresses money exchange establishments and states that existing regulations, circulars and instructions continue insofar as they do not conflict with the new law. The published Licensing Policy of Money Exchange Establishments must therefore be read with the new law and current CBO guidance. Before capital, form and timing are fixed, a pre-application discussion should confirm the live requirements in writing.
This is general information. The category, capital, documents, timetable and conditions must be confirmed with CBO for the actual model and filing date.
03
Owners, controllers and management undergo fit-and-proper review
The CBO examines transparent direct and ultimate ownership, source of capital and wealth, reputation, experience and financial capacity. The board and senior management should fit the scale and risk of the model, with compliance, MLRO, risk, finance, operations, internal audit and technology designed separately. The group is disclosed to natural-person ownership, while material changes to ownership, control, capital, legal form or business model after licensing require prior-approval analysis. Nominee arrangements do not replace evidence of actual control and funding.
04
The business plan is built around corridors and operating economics
The official policy provides for an application form, supporting documents and feasibility study; submissions are in Arabic or English and projected financial figures are expressed in Omani rials. The plan describes customers, branches and digital channels, currencies, principal remittance corridors, partners and agents, pricing, volume and seasonality, cash management, liquidity, settlement and correspondent relationships. The financial model covers capital, launch, staff, systems, premises, insurance, audit and the runway to break-even rather than a formal minimum alone.
05
AML/CFT, sanctions and customer protection are designed before filing
CBO AML/CFT guidance expressly covers money exchange establishments and requires a risk-based system. The file includes enterprise risk assessment, customer risk rating, CDD/EDD, UBO identification, PEP and sanctions screening, transaction monitoring, suspicious-transaction reporting, agent oversight, fraud, records, training, independent testing and targeted financial sanctions. Scenarios are tied to currencies, corridors, cash, velocity and limits. A policy without a functioning system, accountable personnel and evidenced workflow does not demonstrate readiness.
06
Technology, banking and the partner network must be supervision-ready
The architecture covers ledger and reconciliation, tills and vault, customer identification, screening, monitoring, cybersecurity, staff access, logs, CBO reporting, resilience, incident response and continuity. For remittance, the settlement bank, international partners, payout, refunds and applicable safeguarding or protection of funds are defined in advance. Every bank and partner conducts its own institutional KYC. In-principle regulatory approval neither guarantees bank or correspondent infrastructure nor permits launch before the authorised date.
07
Licensing process
- 01
Map products, contracts, customers, countries and cash and non-cash funds flow.
- 02
Match functions to money-changing, remittance and PSP permissions and conduct CBO pre-application.
- 03
Set the legal form, owners, capital, governance and local team.
- 04
Prepare the feasibility study, business plan, OMR projections, forms and evidence.
- 05
Implement AML/CFT, sanctions, technology, operations, customer and financial controls.
- 06
Answer CBO enquiries, satisfy conditions, obtain the final licence and only then launch.
FAQ
FAQ
Is a currency-exchange-only licence available?
The published CBO policy distinguishes money changing from money changing with remittance. The exact permission and live conditions are confirmed with CBO against the actual product.
Can international transfers be added after launch?
An extension of regulated activity is not automatic. Licence category, capital, systems, partners and prior CBO approval need to be checked.
Can an overseas partner's licence be used?
An overseas agreement does not replace Omani permission where the local company performs the regulated service, faces the customer or controls funds.
Does the licence guarantee bank accounts?
No. A bank or correspondent independently reviews owners, model, customers, corridors, AML/CFT, capital and expected flows.
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