Regulatory Alerts2019-01-01
Added · Updated
Cabinet Decision No. (41) of 2019 Issuing the Executive Regulations of the Anti-Money Laundering and Combating the Financing of Terrorism Law No. (20) of 2019
The Executive Regulations establish definitions for key terms such as Politically Exposed Persons and Beneficial Owners, and mandate that financial institutions and designated non-financial businesses and professions conduct risk assessments and implement anti-money laundering programs. The text requires enhanced due diligence for high-risk clients, including Politically Exposed Persons, and simplified due diligence for low-risk scenarios, while setting a 50,000 QAR threshold for verifying identities in occasional transactions. It further regulates correspondent banking relationships, third-party reliance, and the identification of beneficial owners through ownership thresholds and control mechanisms.