Page 32 - Annual Report 2024 EN

/ 32 T ABLE OF C ONTENT S

AML/CFT Framework

The QFCRA’s AML/CFT framework is based on Law Supervision of Regulated Firms

No. (20) of 2019 on Combatting Money Laundering
AML/CFT supervisors conducted a total of 18
and Terrorism Financing (AML/CFT Law) and the
Risk Assessment Visits (RAVs), including 10 for
Implementing Regulations, and Law No. (27) of
Financial Institutions (FI) and 8 for DNFBPs. One
2019 Promulgating the Law on Combating Terrorism
joint RAV was conducted with Supervision. One
(CT Law). These laws are supplemented by detailed
joint RAV was also undertaken with the Ministry
requirements under the Anti-Money Laundering and
of Commerce and Industry (MOCI) in connection
Combating the Financing of Terrorism Rules 2019 (AML/
with one DNFBP. In addition, 343 desk-based
CFTR) for financial institutions (FIs) and designated
reviews were conducted, as set out in Table 1.
non-financial businesses and professions (DNFBPs),
and the Anti-Money Laundering and Combating the

Financing of Terrorism (General Insurance) Rules
AML/CFT Reviews
2019 (AMLG) for general insurance firms. These

rules align with the Financial Action Task Force Table 1: AML/CFT reviews of QFC firms - 1 January to 31 December 2024
(FATF) global recommendations and standards.

Onsite Targeted Onsite Thematic Desk-based
Coinciding with the implementation of the QFC Type of Examination Reviews Full RAVs Reviews Reviews Total

Digital Assets Framework, the AML/CFT Rules were
Banks 3 1 1 45 50
updated to include a new class of entity, namely

Designated Token Service Providers (DTSPs),
Insurers and Intermediaries 0 0 0 62 62
who will be licensed by the QFCA if conducting

business activities related to digital assets.
Investment Managers 1 0 0 52 53

Advisory Firms 4 0 0 48 52
AML/CFT Supervision

Representative Offices 0 0 0 9 9
The QFCRA has a dedicated AML/CFT supervisory

team that is responsible for the AML/CFT oversight
Clearing counterparty 0 0 0 4 4
of 65 financial institutions and 30 DNFBPs.
and Exchange

DNFBPs 5 0 3 123 131

Total 13 1 4 343 361