Qatar Financial Centre Regulatory Authority was established in 2005 as an independent regulator of the Qatar Financial Centre. The purpose of the Qatar financial center is to grow and develop Qatar's financial services industry. The QFC Regulatory Authority has the authority to authorize and regulate financial services companies and individuals within Qatar. The QFC Regulatory Authority is responsible for building relationships with regional and global financial communities.
• Ensuring the efficiency and integrity of the Qatar economy.
• Prevention of behaviors that cause or harm the reputation of Qatar financial center.
• Ensuring the trust of the citizens of Qatar to the Qatar Financial Centre.
• Ensuring compliance with international standards of a financial system
• Prevention of money laundering and terrorist financing
The scope of the AML Regulations is very wide in Qatar. The QFC Regulatory Authority aims to prevent financial crimes with legal regulations. Firms are required to detect criminal and suspicious transactions by performing AML checks. Qatar Financial Centre Regulatory Authority requires Authorised Firms to ensure that Approved Individuals exercise appropriate responsibilities in relation to these anti Money Laundering systems and controls. Qatar Financial Center Regulatory Authority's AML regulations comply with the European Union and FATF regulations. QFC Regulatory Authority expects companies to form a risk-based approach and meet KYC requirements.
According to AML laws, financial institutions in Qatar must identify their customers and have the necessary information about their customers. It should be ensured that these customers do not pose a threat to financial services. If risk factors such as money laundering, bribery, and corruption of terrorism are identified, they should be reported to the regulators with the necessary reports. Companies have to check their customer in sanctions and PEP lists.
Qatar aims to combat financial crime more effectively by updating AML laws. With the new laws, the AML requirements that companies must meet are increasing. QFC Regulatory Authority imposes various sanctions on companies that do not meet AML requirements. Sanction Scanner helps companies comply with AML regulations. Companies can meet local and global AML requirements with Sanction Scanner's Sanction and PEP Screening Service. Protect your company from financial crime risks with Sanction Check and PEP check.