We wish to remind you of an important regulatory update announced by the Central Bank of Oman (CBO):
Effective July 1, 2025, the use of the International Bank Account Number (IBAN) will be mandatory for all domestic corporate and personal financial transactions in Oman.
This move is aimed at enhancing the efficiency, accuracy, and security of financial transactions across the Sultanate.
Actions to take as a company:
- All outgoing and incoming domestic bank transfers must include a valid IBAN.
- Payments without an IBAN will not be processed by banks after the effective date.
- Businesses must update payment processes and master data to include IBANs for all accounts.
Bondoni’s Recommendation:
To ensure business continuity and compliance, we strongly advise clients to:
- Verify and update IBAN details with your banks and in your financial systems.
- Communicate your IBAN to your vendors and partners ahead of the deadline.
- Coordinate with your accounting and finance teams to review all payment templates.
- Please inform your employees that this requirement also extends to their personal accounts. They need to obtain an IBAN number from their bank.
To avoid any last minute issues which often arise, Bondoni aims to complete these changes by the 31st May 2025.
Please let us know if you have any questions.