The Central Bank of Oman (CBO) announced on Wednesday that it has taken a decision to suspend the operations of Oman United Exchange LLC until further notice.
“The said entity was found to be non-compliant with the regulation regarding regulating the two professions: Money Changing and Money Changing and Issue of Drafts and the directions issued by the Central Bank of Oman,” the apex bank said, adding that the supervisory action was taken in exercise of powers vested with CBO under the Banking Law 114/2000.
The Central Bank of Oman has directed Oman United Exchange LLC to swiftly settle the outstanding remittances and all other dues, it added.
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