Page 37 - Annual Report 2019

34 ANNUAL REPORT 2019 SUPERVISION AND AUTHORISATION

2019 Achievements

In addition to the ongoing risk-based supervision of firms,
the Regulatory Authority’s AML/CFT supervisory activities
in 2019 focused on:

• executing an action plan in preparation for the 2020
Mutual Evaluation by the Financial Action Task Force;
• refining data analysis tools and capabilities;
• developing and implementing an enhanced
supervisory programme for higher risk firms;
• revising the 2018 industry guidance on Customer Due Diligence,
the Risk-Based Approach, Beneficial Ownership of Legal Persons
and Legal Arrangements, and Correspondent Banking;
• continuing collaboration with other State supervisory authorities
on AML/CFT matters, in particular with the Ministry of Commerce
and Industry and the Ministry of Justice to ensure the adoption
of a consistent supervisory approach across the DNFBP sector;
• partnership with the Financial Information Unit on the findings
of the 2018 thematic review on transaction monitoring and the
reporting of suspicious transactions, and on the development of
sectoral money laundering and terrorist financing typologies;
• continuing the work of the Supervisory Coordination Group with
the Qatar Central Bank and the Qatar Financial Markets Authority
to more closely align supervisory methodology and practice;
• contributing to co-ordinated technical working groups
including the National Anti-Money Laundering and
Terrorist Financing Committee (NAMLC).