Exchanges in Oman install smart card readers for security

Each customer will have to provide their resident or identity card, which is now being scanned by smart card readers at the exchange houses, while remitting or changing money. Tonny George Alexander, director of the Oman UAE Exchange, said that this is being done to enhance due diligence and to support KYC (know your customer) requirements, adding that they have already installed smart card readers at 52 branches in Oman.

Banking experts said this service will prevent money laundering and also help in tracking the customers’ transactions in case of any problems.

Residents are also happy with this move. Remitting money to one’s home country is part of the routine of expats. From helping dependent families to meeting other financial obligations back home, most expatriate workers in Oman need the services of a remittance company.