AML/CFT Compliance Services In Qatar
Governments across the globe have been taking measures to increase the scrutiny of AML/CFT processes and controls, to fight Financial crimes in which are threatening the stability, reputation, and integrity of the financial system of the countries. Natural and legal persons and firms are required to comply with minimum standards; failure to keep up with the changing requirements can lead to penalties and legal consequences.
The council’s Minister decision No. (41) 2019 promulgates the implementation of law No (20) of 2019 on combatting the Anti-Money Laundering and Countering the Financing of Terrorism to follow the international requirements in this sector.
With the continuous changes in the regulatory framework and more stringent AML Rules and regulations, it is becoming difficult for Financial institutions and Designated Non-Financial Businesses and Professionals (DNFBPs) to design a complete compliance framework that meets the regulator requirements. Therefore, Antonio Ghaleb and Partner CPA, jointly with HLB HAMT, work as a consultant to conduct independent assessments of Anti-money Laundering, Combating the Financing of Terrorism & Sanctions Compliance Frameworks across multiple sectors. Our team of experts can help you in developing, implementing, and enhancing your compliance regime not only for Exchange Houses, Banking, and Insurance sectors but also for other Designated Non-Financial Businesses and Professions.
Anti-Money Laundering Compliance Advisory
Frequently Asked Questions – AML/ CFT Compliance Services
1. What Are Relevant Laws Of Qatar On AML And CFT?
Law: Law No (20) of 2019 on combatting money laundering, and terrorism financing, clarifying, and simplifying AML/CFT obligation.
Decision No. (95) of 2019, under the MOCI Companies Affairs Department, is responsible for monitoring the compliance of the auditors with the AML/CFT
Decision of the Minister of Commerce and Industry (MOCI) No. (48) of 2020 promulgating AML/CFT Rules for legal Auditors, Dealers in Precious Metals or Precious Stones and Trusts and Company Service Providers
Executive Resolution: Executive Regulations (41) of 2019 for a on countering money laundering crimes, combating terrorist financing and financing illegal organizations
2. What Is NAMLCFTC?
The National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organizations (NAMLCFTC) oversees the national risk assessment process. Qatar identifies and assesses the money laundering and terror financing risks it faces, in line with its obligations under the Financial Action Task Force Standards.
3. What Sectors Are Governed By The Qatar Central Bank’s And QFCRA’s AML / CFT Regulations?
The below-given sectors/ individuals need to comply with the AML/ CFT regulations;
- Banks, finance companies, exchange houses,
- Insurance companies, agencies, and brokers
- Securities and commodities brokers, dealers, advisors, investment managers
- Other financial institutions (FIs)
- Designated Non-Financial Businesses and Professions (DNFBP)
4. What Are The Main Elements Of The Qatar’s AML / CFT Regulations?
All the requirements of the Financial Action Task Force (FATF) recommendations of 2012 and its methodology of 2013 are included in the AML Law.
The minimum statutory obligations of supervised institutions are;
- To recognize, evaluate ad understand risks
- Carry out required due diligence work
- To appoint a compliance officer to fulfill the needs of the relevant Supervisory Authority
- To ensure that the required management and information systems, internal controls, policies and procedures to mitigate risks are in place
- To ensure that the indicators to recognize suspicious transactions are in place
- To maintain adequate records
5. How Does An Organization Ensure That It Is Compliant With The Qatar’s AML And CFT Regulatory Requirements?
Financial Institutions and DNFBP are required to “maintain a risk identification and assessment analysis with its supporting data.” They can make use of diverse models or methodologies to analyze risk, based on the nature and size of their businesses.
Designated Non-Financial Businesses and Professions such as auditors, lawyers and Dealers in precious metals or precious stones are required as per the Ministry of Commerce and Industry and QFCRA to maintain an adequate AMKL/CT policies and procedures
The best option would be to contact a consultancy to ensure you are compliant with the AML/ CFT regulations. Antonio Ghaleb and Partner CPA jointly with HLB HAMT works as a consultant to conduct independent assessments of Anti-money Laundering, Combating the Financing of Terrorism & Sanctions Compliance Frameworks across multiple sectors.