Overview of Anti-Money Laundering and Countering the Financing of Terrorism (English/Arabic)
Overview
Firms that carry out any of the activities specified in the Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019 (QFCRA Rules 2019-8) and the Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019 (QFCRA Rules 2019-9) issued by the Qatar Financial Centre (QFC), should understand their legal and/or regulatory obligations in relation to anti-money laundering and countering terrorist financing (AML/CFT) and know how to comply with these requirements.
Definitions
AML: Anti-money laundering.
CFT: Countering the financing of terrorism.
Business relationship: A regular relationship between a customer and a firm in connection with a service that the customer receives from the firm. A relationship that, when contact is established, is reasonably expected by a firm to be merely transitory does not constitute a business relationship.
Customer: Any person who engages in, or who has contact with the firm with a view to engaging in, any transaction with the firm or a member of the firm’s group:
On the person’s own behalf.
As agent for or on behalf of another person.
A customer also includes: