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Anti-Money Laundering/Combating AML/CFT regulatory framework Supervisory approach and model 2020 Achievements
the Financing of Terrorism for risk ratings of firms
The Regulatory Authority’s AML/CFT framework is In addition to the ongoing risk-based supervision
The Regulatory Authority is committed to preventing underpinned by Law No. 20 of 2019 on Combatting The Regulatory Authority takes a risk-based approach of firms, the Regulatory Authority’s AML/CFT
QFC institutions from participating in activities Money Laundering and Terrorism Financing, which to AML/CFT supervision, meaning that the extent of supervisory activities in 2020 focused on:
that may constitute or facilitate financial crime. came into force on 12 September 2019 and repealed information sought and the frequency and intensity
• revising the Action Plan 2020 concerning
Law No. 4 of 2010 on Combating Money Laundering of supervisory engagement and dialogue with a
the National Risk Assessment (NRA);
Consistent with its AML/CFT objectives, the Regulatory and Terrorism Financing. firm consider the nature, size, and complexity of
• refining data analysis tools and capabilities;
Authority monitors risks arising from financial a firm’s activities. The risk-based AML/CFT model
• implementing an enhanced supervisory
crime, sets the agenda for AML/CFT supervision This was supplemented by the associated implementing was further developed in 2020, ensuring ongoing
programme for higher risk firms;
of firms, and determines the effectiveness of the regulations and by the detailed requirements in close alignment with international best practice.
• revising the guidance to DNFBPs and Beneficial
implementation of the AML/CFT law and rules. The the revised Anti-Money Laundering and Combating
Ownership of Legal Persons and Legal Arrangements;
Regulatory Authority has a dedicated team of highly Terrorist Financing Rules 2010 (AML/CFTR) for The model includes quantitative elements required
• publishing the new AML/CFT Law,
skilled and qualified AML/CFT experts responsible financial institutions and DNFBPs, and the Anti-Money to assess the inherent AML/CFT risk posed by a
Implementing Regulations and Rules on
for AML/CFT supervision within the QFC. Laundering and Combating Terrorist Financing (General firm’s structural and business risks. A qualitative
the Regulatory Authority’s website;
Insurance) Rules 2012 (AMLG) for general insurance assessment by the AML/CFT team of the firm’s control
• agreeing on a supervisory strategy in collaboration
In 2020, the team supervised 63 authorised firms firms, collectively referred to as the AML/CFT Rules. framework then balances this. The combination of these
with the Ministry of Commerce and Industry
(financial institutions) and 29 Designated Non- quantitative and qualitative analyses produces an AML/
(MoCI) and the Ministry of Justice (MoJ);
Financial Businesses and Professions (DNFBPs). The rules are designed to be in accordance with CFT risk rating for each firm. Bespoke risk-based models
• completing the gap analysis of current data
and aligned to Financial Action Task Force global are in place for each of the Regulatory Authority’s
collection against the requirements of QANNASS;
recommendations and standards. supervised sectors: banks, insurers, insurance
• continuing collaboration with other State supervisory
intermediaries, investment management firms, advisory
authorities on AML/CFT matters, in particular with
firms, and DNFBPs. The risk-based AML/CFT model
MoCI and MoJ to ensure the adoption of a consistent
and all firms’ risk ratings were reviewed following the
supervisory approach across the DNFBP sector;
finalisation of Qatar’s National Risk Assessment and
• partnership with the Financial Information Unit on
the Regulatory Authority’s Sectoral Risk Assessment.
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;
• contributing to co-ordinated technical working
groups, including the National Anti-Money Laundering
and Terrorist Financing Committee (NAMLC).
T ABLE OF C ONTENT S
