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 follow a risk-based approach to mitigate the risk of money laundering, or terrorism or proliferation financing.

• 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.

• Business relationship: A continued relationship arising between a client and a financial institution or designated non-financial business or profession regarding the services they provide to them.