Regulatory Alerts2019-01-01
Added · Updated
Implementing Regulation of Law on Combating Money Laundering and Financing of Terrorism Promulgated by Law No. 20 of 2019
This regulation establishes definitions for key terms such as politically exposed persons and beneficial owners, and mandates financial institutions and designated non-financial businesses to implement risk-based anti-money laundering and counter-terrorist financing programs. It sets a 50,000 Qatari Riyal threshold for enhanced due diligence on occasional transactions and requires the identification and verification of beneficial owners, with a 20% ownership control benchmark for legal entities. The document further outlines obligations for simplified due diligence in low-risk scenarios, enhanced measures for high-risk clients including politically exposed persons, and specific requirements for third-party reliance and cross-border branches.