Regulatory Alerts2019-01-01
Implementing Regulations of Law No. 20 of 2019 on Combatting Money Laundering and Terrorism Financing
Issued by Qatar's Council of Ministers, these implementing regulations operationalize Law No. 20 of 2019 by establishing comprehensive definitions and risk-based compliance frameworks for financial institutions and designated non-financial businesses and professions. The rules mandate rigorous customer due diligence, beneficial ownership identification with a minimum 20% threshold or de facto control, and enhanced monitoring for complex transactions, high-risk jurisdictions, and politically exposed persons. Financial entities must deploy structured AML/CFT programs, maintain independent audit functions, report suspicious activities to the Financial Information Unit, and ensure consistent cross-border application of measures across branches and subsidiaries.