The Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019 (AML/CFTR) outlines the obligations of firms in Qatar to establish and maintain robust AML/CFT programs. These rules are designed to prevent financial institutions and other designated businesses from being used for money laundering or terrorist financing activities, ensuring compliance with Law No. (20) of 2019.
Key requirements
- Firms must develop and maintain a risk-sensitive AML/CFT program.
- Firms must appoint a Money Laundering Reporting Officer (MLRO) and a Deputy MLRO.
- Firms must conduct risk assessments to identify and mitigate money laundering and terrorist financing risks.
- Senior management has overall responsibility for the firm's compliance with AML/CFT regulations.
Applies to: Firms and financial institutions operating under the QFCRA's jurisdiction in Qatar, including Designated Non-Financial Businesses and Professions (DNFBPs) and Designated TSPs.