FSA Cancels CFI Financial Licence: What This Means for Investors and Businesses in Oman
MUSCAT, SEPTEMBER 21 — The Financial Services Authority (FSA) has issued an administrative decision to revoke the licence of CFI Financial LLC, effectively barring the company from operating in the capital market sector and removing it from the official registry.
The FSA’s action followed the company’s failure to comply with Article 34/A of the Anti-Money Laundering and Combating the Financing of Terrorism Law. Additionally, CFI Financial LLC was found to be marketing non-Omani securities without obtaining the required authorization, thereby violating Article 139 of the Executive Regulations of the Capital Market Law in conjunction with Article 3 of the Securities Law.
The Authority emphasized that this decision underscores its ongoing commitment to maintaining the integrity of financial markets, ensuring all licensed entities adhere to relevant legal and regulatory standards, and protecting the public interest.
Special Analysis by Omanet | Navigate Oman’s Market
The cancellation of CFI Financial LLC’s license underscores Oman’s stringent regulatory environment and commitment to market integrity, signaling a clear message to financial institutions on strict compliance with AML and securities laws. For businesses, this highlights the increased scrutiny and risk of non-compliance, urging investors and entrepreneurs to prioritize robust regulatory adherence and transparency to safeguard their operations and reputation. Smart investors should now consider intensified due diligence processes and align with fully authorized players to capitalize on the growing, yet tightly regulated, capital market in Oman.
