Page 33 - QFCRA Annual Report 2014
P. 33
assist stakeholders and identify have enabled the Macro-Prudential international standards and best
relevant intelligence on emerging team to produce analysis that practices. The Regulatory Authority
risk considerations as swiftly and is more timely, informative and continues to support the State
comprehensively as possible. The in-depth particularly as it relates AML/CFT Law No. (4) 2010 and
Regulatory Authority facilitates the to identifying issues and trends the Anti-Money Laundering and
timely identification of potential in relation to QFC firms’ funding, Combating Terrorism Financing
areas of supervisory concern and liquidity, credit and market risk Rules 2010 (AML/CFTR) for financial
weakness by monitoring industry considerations. institutions and designated non-
developments and practices across Research and analysis produced financial businesses and professions
banking, insurance and asset at the macro level have continued (DNFBPs). For general insurance
management sectors. to position the Regulatory Authority firms, the Regulatory Authority
In pursuit of this objective, the to carry out its functions effectively applies the Anti-Money Laundering
Regulatory Authority’s Macro- and also to contribute proactively and Combating Terrorist Financing
Prudential team has been entrusted and constructively to the work (General Insurance) Rules 2012
with evaluating and reporting on of the Financial Stability and (AMLG), collectively referred to
emerging trends and risks in the Risk Control Committee, in close as the AML/CFT Rules operating in
international context, as well as collaboration and partnership with and from the QFC. The AML team
examining more closely the GCC senior members of staff from the currently supervises 62 authorised
region, Qatar and the QFC’s areas QCB and the QFMA. firms (financial institutions) and 29
of financial activity. During the year, the Macro- licensed firms (DNFBPs) relevant to
Key findings from across the Prudential team not only made use AML/CFT obligations.
financial system globally, regionally of the Financial Stability Institute Strategic Objectives
and domestically, including (FSI) Connect training modules but Bolstering the AML/CFT programme
within the QFC, are included in a also applied lessons learned from to contribute to the ongoing
comprehensive financial stability directly engaging the FSI at the development of an effective AML/
report entitled the Macro-Prudential Bank for International Settlements in CFT regime within Qatar is high on
Review. The report is prepared semi- Basel, Switzerland. Industry experts the list of priorities of the Regulatory
annually as of the six-month periods representing the FSI and regulators Authority, including active
ended 31 March and 30 September. representing more than 40 distinct involvement in the National Risk
The Regulatory Authority has financial jurisdictions helped identify Assessment process. The AML team
thus far produced six reports. Key best practice in macro-prudential seeks to further industry compliance
findings from the reports have been supervision, international standards and to gain a better understanding
integrated in risk-based reviews of and frameworks for financial stability of the regulated population by
individual financial institutions at the assessments, and macro as well regular interaction, risk rating firms
micro-supervision level. as micro stress testing of financial and placing them on a heat map
The development of robust macro- systems. to drive supervisory strategy. The
prudential capabilities has been goal is to achieve a risk-based and
further complimented by the Anti-Money Laundering differentiated approach that makes
introduction of more frequent optimal use of resources and does
and granular data collected The Regulatory Authority’s AML/ not impose unnecessary regulatory
from firms based on the new risk- CFT framework and supervisory burden.
based Prudential Returns since 31 approach enables the effective
December 2013. The new data prevention of money laundering
and terrorist financing, and meets
ANNUAL REPORT 2014 33
relevant intelligence on emerging team to produce analysis that practices. The Regulatory Authority
risk considerations as swiftly and is more timely, informative and continues to support the State
comprehensively as possible. The in-depth particularly as it relates AML/CFT Law No. (4) 2010 and
Regulatory Authority facilitates the to identifying issues and trends the Anti-Money Laundering and
timely identification of potential in relation to QFC firms’ funding, Combating Terrorism Financing
areas of supervisory concern and liquidity, credit and market risk Rules 2010 (AML/CFTR) for financial
weakness by monitoring industry considerations. institutions and designated non-
developments and practices across Research and analysis produced financial businesses and professions
banking, insurance and asset at the macro level have continued (DNFBPs). For general insurance
management sectors. to position the Regulatory Authority firms, the Regulatory Authority
In pursuit of this objective, the to carry out its functions effectively applies the Anti-Money Laundering
Regulatory Authority’s Macro- and also to contribute proactively and Combating Terrorist Financing
Prudential team has been entrusted and constructively to the work (General Insurance) Rules 2012
with evaluating and reporting on of the Financial Stability and (AMLG), collectively referred to
emerging trends and risks in the Risk Control Committee, in close as the AML/CFT Rules operating in
international context, as well as collaboration and partnership with and from the QFC. The AML team
examining more closely the GCC senior members of staff from the currently supervises 62 authorised
region, Qatar and the QFC’s areas QCB and the QFMA. firms (financial institutions) and 29
of financial activity. During the year, the Macro- licensed firms (DNFBPs) relevant to
Key findings from across the Prudential team not only made use AML/CFT obligations.
financial system globally, regionally of the Financial Stability Institute Strategic Objectives
and domestically, including (FSI) Connect training modules but Bolstering the AML/CFT programme
within the QFC, are included in a also applied lessons learned from to contribute to the ongoing
comprehensive financial stability directly engaging the FSI at the development of an effective AML/
report entitled the Macro-Prudential Bank for International Settlements in CFT regime within Qatar is high on
Review. The report is prepared semi- Basel, Switzerland. Industry experts the list of priorities of the Regulatory
annually as of the six-month periods representing the FSI and regulators Authority, including active
ended 31 March and 30 September. representing more than 40 distinct involvement in the National Risk
The Regulatory Authority has financial jurisdictions helped identify Assessment process. The AML team
thus far produced six reports. Key best practice in macro-prudential seeks to further industry compliance
findings from the reports have been supervision, international standards and to gain a better understanding
integrated in risk-based reviews of and frameworks for financial stability of the regulated population by
individual financial institutions at the assessments, and macro as well regular interaction, risk rating firms
micro-supervision level. as micro stress testing of financial and placing them on a heat map
The development of robust macro- systems. to drive supervisory strategy. The
prudential capabilities has been goal is to achieve a risk-based and
further complimented by the Anti-Money Laundering differentiated approach that makes
introduction of more frequent optimal use of resources and does
and granular data collected The Regulatory Authority’s AML/ not impose unnecessary regulatory
from firms based on the new risk- CFT framework and supervisory burden.
based Prudential Returns since 31 approach enables the effective
December 2013. The new data prevention of money laundering
and terrorist financing, and meets
ANNUAL REPORT 2014 33
