Page 35 - Annual Report 2016 EN

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ANTI-MONEY LAUNDERING/ Thematic reviews

COMBATING THE FINANCING The Regulatory Authority conducted an annual thematic review
to assess the level of compliance by all firms (financial institutions
OF TERRORISM (AML/CFT) and DNFBPs) with the mandatory compliance reporting obliga-
tions of the Money Laundering Reporting Officer (MLRO) to senior
management. The review also assessed firms’ management of their
The Regulatory Authority is a member of the National Anti-Money AML/CFT risks. All firms were subject to a desk-based review and a
Laundering and Combating the Financing of Terrorism Committee number were selected for onsite visits.
(NAMLC). It works closely with Qatar’s financial regulators, other
State authorities and international bodies to ensure the effective The review of the DNFBP Annual AML/CFT questionnaire informed
implementation of the State AML/CFT Law No. 4 of 2010, which is the Regulatory Authority about DNFBPs’ business activities and their
based on the standards issued by the international AML/CFT poli- AML/CFT framework. All DNFBPs were required to submit an annual
cy-making body, the Financial Action Task Force. questionnaire (Form Q19) detailing information about their business,
products and services and their AML/CFT programme and frame-
The Regulatory Authority has a dedicated team responsible for anti- work. The Regulatory Authority conducted desk-based reviews to
money laundering supervision within the Qatar Financial Centre. assess potential AML/CFT risks posed to the Qatar Financial Centre
The team supervised 60 authorised firms (financial institutions) and and the State of Qatar. In addition, a number of DNFBPs were
32 Designated Non-Financial Business and Professions (DNFBPs). selected for onsite visits.

AML/CFT regulatory framework and The Non-Resident MLRO Annual Report review assessed the effec-
tiveness and level of compliance by Qatar Financial Centre firms
supervisory approach that have MLROs approved by the Regulatory Authority to fulfil

their AML/CFT obligations on a non-resident basis. The Regulatory
The Regulatory Authority has issued two Rulebooks that regulate
AML/CFT within the Qatar Financial Centre. The Anti-Money Laun- Authority conducted desk-based reviews at all firms, fifty percent
dering and Combating Terrorism Financing Rules 2010 (AML/CFTR) of which were selected for onsite visits to determine whether the
apply to financial institutions and DNFBPs, and the Anti-Money current non-resident arrangements met required standards.
Laundering and Combating Terrorist Financing (General Insurance)
Rules 2012 (AMLG) apply to general insurance firms. AML/CFT supervisory statistics
The Regulatory Authority’s risk-based approach to AML/CFT super- The Regulatory Authority implemented its 2016 AML/CFT Strategic
vision makes optimal use of the organisation’s resources and does Plan and Supervisory Strategy to evaluate compliance with the
not impose an unnecessary regulatory burden on firms. AML/CFT Law and the AML/CFT Rules. This strategy incorporates risk
In 2016, there was frequent supervisory engagement with all firms rating all firms, onsite assessment visits, thematic reviews, outreach
through three thematic reviews, Risk Assessment Visits (RAVs) at and market conduct in conjunction with ongoing mutual assistance
selected firms and the provision of ongoing guidance and infor- and engagement with other State authorities.
mation to firms on current AML/CFT issues.

Risk rating of firms

To assist the Regulatory Authority to achieve its supervisory objec-
tives, all firms are placed on an AML/CFT heat map that risk rates
firms on a five-point scale ranging from low to high. Firms with a
higher risk rating are supervised and monitored more closely com-
pared to the lower risk rated firms.