Page 50 - Annual Report 2017

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AUTHORISATION REGULATORY CO-OPERATION

The Authorisation department is responsible for assessing and Qatar Central Bank Insurance
approving applications from firms and individuals seeking authori-
sation from the Regulatory Authority to conduct regulated activities In accordance with the Regulatory Authority’s strategy of enhanced
in the QFC. The department also acts as the interface between regulatory co-operation, in 2017, the Regulatory Authority contin-
applicants and the Companies Registration Office of the QFC ued to support the Qatar Central Bank Insurance Supervision team
Authority in respect of their registration or incorporation in the QFC. in the implementation of a regulatory framework for insurance firms
operating in the State of Qatar.
During the reporting period, the Regulatory Authority continued to
receive enquiries from a broad range of prospective applicants. Four staff members of the Regulatory Authority specialising in super-
Bank of China Limited QFC Branch was granted authorisation to vision, authorisation and actuarial practices were seconded to the
carry on regulated activities in the Qatar Financial Centre during Qatar Central Bank to provide dedicated technical support for
2017. Details of authorised firms are set out in Annex 1. financial analysis, licensing and supervision of the sector.
For 2017, the number of individuals approved by the Regulatory
Authority to perform controlled functions in relation to authorised National Anti-Money Laundering
firms was 358. Please see Annex 2.
and Combating The Financing of
Terrorism Committee

Two staff were full-time members of the Project Working Group
formed to advance the State’s AML/CFT initiatives under
the National Action Plan of Qatar. Achievements over the
year included completion of the Financial Action Task Force
Self-Assessment by all responsible ministries and authorities;
development of action plans with specific deliverables against
the National Action Plan; and collaboration with the International
Monetary Fund technical assistance team on proposed
amendments to the AML/CFT Law No. 4 of 2010.