AML/CFT: Ongoing Customer Due Diligence
Overview
This Practice Note will provide an overview of organisations that are considered financial institutions (FIs), designated non-financial businesses and professions (DFNBPs) or non-profit organisations (NPOs), according to Qatar Law No. 20/2019 On the Issuing of the Anti-money Laundering law and Qatar Cabinet Decision No. 41/2019 On the Issuance of Implementing Regulation of the Law on Combating Money Laundering and Terrorist Financing Issued by Qatar Law No. 20/2019 and how they should ensure regular checking of transactions and customers risk profiles to identify any unusual pattern related to money laundering or terrorism financing.
Definitions
AML: Anti-money laundering.
CFT: Countering the financing of terrorism.
Beneficial owner: The natural person who ultimately owns or controls a customer, through ownership interest or voting rights, or the natural person on whose behalf a transaction is being conducted, whether by proxy, trusteeship or mandate, or by any other form of representation. It also includes any person who exercises ultimate effective control over a legal person or arrangement, including any person exercising ultimate effective control by any means.