regulation

The Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019

Issuing bodyQFCRA
CountryQatar
RegionQFC
Date issued2019
AMLCFTRisk-based approachCompliance

The Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019 (AML/CFTR) outlines the obligations of firms in Qatar Financial Centre (QFC) to combat money laundering and terrorism financing. It establishes key AML/CFT principles, defines key terms, and specifies the responsibilities of firms, senior management, and the Money Laundering Reporting Officer (MLRO). The rules also emphasize a risk-based approach to AML/CFT.

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 a risk assessment and implement risk mitigation strategies.
  • Firms must establish policies and procedures to identify and verify the identity of their customers (KYC).
Applies to: Firms and financial institutions operating within the Qatar Financial Centre (QFC)
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