Welcome

Compliance Landscape of
Oman

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Why our system need to be
regulated?

01 Clarity and Consistency

02 Protection of public interest

Clear responsibility and

03 accountability system

04 Risk Management
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 What is Compliance?
Compliance, in a professional context, refers to the act of adhering to and ensuring
conformity with laws, regulations, standards, policies, and ethical guidelines relevant to

a particular industry or organization or profession.

It involves systematically monitoring and managing activities, processes, and behaviors

to ensure they align with established rules and standards, mitigating risks and

upholding integrity within the organization.

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 Classification of
compliance
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 Internal compliance
 Code of conduct
 HR and operation policies and procedures.
 IT and information securities polices
 Risk and Quality Management systems polices

External compliance

 Regulatory laws and regulation

 Industry standards and best practices
 Contractual agreements
 International standards

Profession compliance

 Ethical codes and standards

 Professional certification and licensing requirements.
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 Continuing education and developments
 CBO Law and Regulations
(Financial Sector regulation)
Example of 

Prudential Regulations
Capital Adequacy Standards (Basel III framework)

Bank 

Consumer Protection Regulations
Anti-Money Laundering (AML) and Counter
compliance Financing of Terrorism (CFT)
 Data Protection and Privacy
 Islamic Banking Regulations
 Foreign Exchange and Foreign Investment
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Finance Department
policies and procedures
Asset Management Policies
Budgeting and Financial Planning Policies
Cash Management Polices
Investment Policies
Account Receivable and Payable Policies
Procurement and Purchasing policies
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 Example of Bank compliance
Capital Market regulation
• New Commercial Companies Law of 2019
• Securities Law
• Public Joint Stock Companies Regulation
• Decisions and circular issued by CMA and MSX related to
Capital Market

Manpower regulation
• Oman Labor Law
• Pension Fund Law

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 Whose is responsible
for compliance

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 According to Article 206 of the New CCL, they share liability with the
company, shareholders, and third parties for any harm arising from
Board of Directors unlawful acts, actions exceeding their authority, fraud, forgery,
negligence, or failure to act prudently in certain situations.

Offer stakeholders a reasonable guarantee that the financial statements are

devoid of significant errors and accurately depict the company's financial status, External Auditor
while adhering to international standards and relevant laws and regulations.

Conduct objective evaluations and reporting on an organization's activities,

financial safeguards, and adherence to legal requirements, aiding the board in
Internal auditor making informed choices, enhancing procedures, and promoting transparency
and accountability.

Establishing a compliance culture, overseeing programs, managing associated

risks, and ensuring legal, regulatory, and ethical adherence, with accountability Executive Management
to the Board.

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 How we can create a
culture of compliance

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 Setting up effective
Setting up tone from the responsibility and Continuous improvement
Top culture. accountability system. and adaptation to the
change.

01 02 03 04 05 06

Stakeholder engagement and

An Effective education An Effective auditing
involvement in the stage of
and communication and Monitoring
drafting the law that help to
Channels with system.
build buy in culture.
stakeholder.
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 Thank You
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