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 ApproachKYC

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 and responsibilities for firms, senior management, and the Money Laundering Reporting Officer (MLRO) to prevent financial crime.

Key requirements
  • Firms must develop and maintain a risk-sensitive AML/CFT program.
  • Firms must conduct a risk assessment and implement risk mitigation strategies.
  • Firms must apply Know Your Customer (KYC) procedures, including enhanced due diligence and ongoing monitoring.
  • Firms must report suspicious activities and avoid tipping off.
Applies to: General insurance firms operating within the Qatar Financial Centre (QFC)
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