The Qatar Financial Center Regulatory Authority was established in 2005 as an independent regulator in Doha. The purpose of the Qatar financial center is to provide them with the legal and commercial infrastructure to grow and develop the industry of financial services. The QFC Regulatory Authority has the authority to empower and regulate financial institutions and individuals within Qatar and is responsible for building relationships with regional and global financial sectors. QFC is also an independent financial regulator. The QFC Authority is responsible for the expansion of Qatar's financial services industry and the development of relations with the regional and global financial community.
Qatar Financial Center (QFC), one of the world's leading and fastest-growing business and financial centers, has some services to help shape the future of financial services in Qatar and the region, some of which are:
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 Anti-Money Laundering 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. They can easily do this with Know Your Customers (KYC).
Qatar aims to combat financial crime more effectively by updating AML laws. With the new laws, Anti-Money Laundering 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 the Sanction Check and PEP check.
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