Page 35 - QFCRA Annual Report 2014
P. 35
initiatives in 2014 The review also aimed to determine Secretariat concerning initiatives
The Regulatory Authority conducted whether firms were adequately on AML/CFT resources within the
the following thematic reviews and appropriately managing State, Qatar’s progress on AML/CFT
during the year under review: and dealing with their AML/CFT and inputs to revise the State AML/
obligations and money laundering CFT Law. The Director of AML was
DNFBP Annual AML/CFT and terrorist financing risks. All named to both NAMLC’s technical
Questionnaire Thematic financial institutions and DNFBPs committee, mandated to assess,
Review were subject to this review, design and implement a National
with 15 firms selected for onsite Risk Assessment for Qatar, and was
All 29 DNFBPs were required to assessments. Overall, the quality of also named to NAMLC’s working
submit their annual questionnaire the reports was good and most firms group for studying the controls and
(Form Q19) for the reporting period demonstrated an adequate level of obligations of the insurers in the
1 January to 31 December 2013, reporting on AML/CFT issues to their AML/CFT field.
detailing information about their senior management. The AML team continues to liaise
business, products and services Key issues identified were that with the Qatar Central Bank AML/
and their AML/CFT programme and in some instances there was CFT division as part of the working
framework, allowing the Regulatory inadequate Know Your Customer group formed to provide technical
Authority to assess any potential (KYC) and Customer Due Diligence assistance to the QCB to enhance
ML/TF risks posed to the QFC and (CDD) undertaken while on- their AML/CFT risk-based supervisory
the State of Qatar. The Regulatory boarding customers through methodology. In addition, the AML
Authority subsequently analysed regional booking centres, with a team took part in an International
the responses and undertook disproportionate reliance placed on Monetary Fund (IMF) mission to
additional supervisory engagement firms’ head offices located outside evaluate and strengthen the AML/
which included conducting seven of Qatar for AML/CFT obligations. CFT supervisory regime in Qatar.
onsite assessments. Results of the Additionally, a general observation Throughout 2014, working closely
analysis indicate DNFBPs are largely was the low level of Suspicious with the National Counter Terrorism
compliant with the AML/CFTR, Transaction Reporting (STR) from Committee (NCTC), the AML
despite some minor inadequacies firms. team disseminated updates on
and areas for improvement. sanctioned entities to its regulated
Cooperation with Qatari population.
Thematic Review of Annual Supervisory Authorities and
Reporting Requirement by the International Bodies
Money Laundering Reporting
Officer The Regulatory Authority continues
to strengthen co-ordination with
The Regulatory Authority conducted other Qatari and international
this thematic review to assess the AML/CFT authorities through
level of compliance by all firms sharing information, resources and
(Financial Institutions and DNFBPs) expertise.
with the mandatory compliance The Regulatory Authority worked
reporting obligations of the Money with the National Anti-Money
Laundering Reporting Officer Laundering Committee (NAMLC)
(MLRO) to senior management.
ANNUAL REPORT 2014 35
The Regulatory Authority conducted whether firms were adequately on AML/CFT resources within the
the following thematic reviews and appropriately managing State, Qatar’s progress on AML/CFT
during the year under review: and dealing with their AML/CFT and inputs to revise the State AML/
obligations and money laundering CFT Law. The Director of AML was
DNFBP Annual AML/CFT and terrorist financing risks. All named to both NAMLC’s technical
Questionnaire Thematic financial institutions and DNFBPs committee, mandated to assess,
Review were subject to this review, design and implement a National
with 15 firms selected for onsite Risk Assessment for Qatar, and was
All 29 DNFBPs were required to assessments. Overall, the quality of also named to NAMLC’s working
submit their annual questionnaire the reports was good and most firms group for studying the controls and
(Form Q19) for the reporting period demonstrated an adequate level of obligations of the insurers in the
1 January to 31 December 2013, reporting on AML/CFT issues to their AML/CFT field.
detailing information about their senior management. The AML team continues to liaise
business, products and services Key issues identified were that with the Qatar Central Bank AML/
and their AML/CFT programme and in some instances there was CFT division as part of the working
framework, allowing the Regulatory inadequate Know Your Customer group formed to provide technical
Authority to assess any potential (KYC) and Customer Due Diligence assistance to the QCB to enhance
ML/TF risks posed to the QFC and (CDD) undertaken while on- their AML/CFT risk-based supervisory
the State of Qatar. The Regulatory boarding customers through methodology. In addition, the AML
Authority subsequently analysed regional booking centres, with a team took part in an International
the responses and undertook disproportionate reliance placed on Monetary Fund (IMF) mission to
additional supervisory engagement firms’ head offices located outside evaluate and strengthen the AML/
which included conducting seven of Qatar for AML/CFT obligations. CFT supervisory regime in Qatar.
onsite assessments. Results of the Additionally, a general observation Throughout 2014, working closely
analysis indicate DNFBPs are largely was the low level of Suspicious with the National Counter Terrorism
compliant with the AML/CFTR, Transaction Reporting (STR) from Committee (NCTC), the AML
despite some minor inadequacies firms. team disseminated updates on
and areas for improvement. sanctioned entities to its regulated
Cooperation with Qatari population.
Thematic Review of Annual Supervisory Authorities and
Reporting Requirement by the International Bodies
Money Laundering Reporting
Officer The Regulatory Authority continues
to strengthen co-ordination with
The Regulatory Authority conducted other Qatari and international
this thematic review to assess the AML/CFT authorities through
level of compliance by all firms sharing information, resources and
(Financial Institutions and DNFBPs) expertise.
with the mandatory compliance The Regulatory Authority worked
reporting obligations of the Money with the National Anti-Money
Laundering Reporting Officer Laundering Committee (NAMLC)
(MLRO) to senior management.
ANNUAL REPORT 2014 35
