regulation

the Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019

Issuing bodyQFCRA
CountryQatar
RegionQFC
Date issued2019
AML/CFTGeneral InsuranceRisk-Based ApproachCustomer Due Diligence

The Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019 (AMLG) outlines the obligations of general insurance firms operating within the Qatar Financial Centre (QFC) regarding AML/CFT. It establishes key principles, responsibilities, and procedures for firms to detect, prevent, and report money laundering and terrorist financing activities.

Key requirements
  • Firms must develop and maintain a risk-sensitive AML/CFT program.
  • Firms must conduct customer due diligence (CDD) and ongoing monitoring.
  • Firms must appoint a Money Laundering Reporting Officer (MLRO) and Deputy MLRO.
  • Firms must report suspicious transactions to the relevant authorities.
Applies to: General insurance firms operating within the Qatar Financial Centre (QFC)
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