Regulatory Alerts2019-01-01
Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019
The Regulator issued these rules to establish comprehensive anti-money laundering and counter-terrorist financing obligations for general insurance firms operating within the Qatar Financial Centre. Firms must implement a risk-based compliance programme that mandates robust know-your-customer procedures, enhanced due diligence, continuous staff training, and independent biennial testing of internal controls. The regulations further require the appointment of a Money Laundering Reporting Officer to oversee internal and external suspicious transaction reporting, ensure strict tipping-off safeguards, and maintain detailed documentary evidence of compliance.
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