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AML/CFT Strategic Objectives
1. Contributing to the ongoing development of an effective AML/CFT regime in Qatar and being actively involved in
the National Risk Assessment (NRA) of Qatar;
2. Improving industry compliance of the regulated population by regular interaction with firms, including undertaking risk assessments of firms;
3. Adopting a risk-based and differentiated supervisory approach that makes optimal use of resources and does not impose an unnecessary regulatory burden on firms;
4. Enhancing financial intelligence to make best use of this knowledge on emerging money laundering and terrorism financing methods and vulnerabilities;
5. Building productive relationships to enhance interactions with domestic and international partners, government and firms; and
6. Seeking to encourage heightened industry engagement and external outreach efforts to promote a broader understanding of AML/CFT locally
and internationally.
Anti-Money Laundering/ Counter Financing of Terrorism
The Regulatory Authority maintains a dedicated Anti- Money Laundering/Counter Financing of Terrorism (AML/CFT) team to supervise authorised firms and designated non- financial businesses and professions (DNFBPs) within the Qatar Financial Centre and
to provide technical support and expertise to other divisions of the Regulatory Authority.
The AML/CFT team also works closely with the National Anti- Money Laundering and Terrorism Financing Committee (NAMLC), the Qatar Financial Information Unit (QFIU), the Qatar Central Bank, the Qatar Financial Markets Authority, the Qatar Financial Centre Authority,
other State authorities and international bodies.
The primary purpose of the AML/CFT team is to act as
a “watchdog” of the Qatar Financial Centre, thus minimising the opportunity for firms participating in activities that may constitute or facilitate financial crime, to reducing opportunities for financial crime more generally, and protecting the reputation of the Qatar Financial Centre.
The Regulatory Authority’s AML/CFT framework promotes the effective prevention
of money laundering and terrorist financing, and meets international standards and best practices. The AML/CFT team currently supervises and oversees 59 authorised firms (financial institutions) and 31 licensed firms (DNFBPs) relevant to AML/CFT obligations.
AML/CFT Supervisory Approach
The Regulatory Authority recognises the need to adopt
a risk-based approach, raise awareness and provide outreach to firms of their obligations in conjunction with developing a bespoke supervisory strategy. Supervisory objectives are aligned to ensure coverage and oversight of all firms to make
sure they comply with their AML/ CFT obligations and balance
this strategy with the risk-based approach.
There is regular supervisory engagement with all firms, either through the annual Money Laundering Reporting Officer (MLRO) report thematic review project, the Q19 DNFBP questionnaire or the Q23 non- resident annual MLRO report.
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