AML/CFT Law No. 20 of 2019
Qatar
2019
AML/CFT
Overview
Key Obligations
- Apply a risk-based AML/CFT program appropriate to the nature and size of the business
- Conduct customer due diligence (CDD) and verify beneficial ownership information
- Perform enhanced due diligence (EDD) for high-risk clients, including politically exposed persons (PEPs)
- Maintain transaction and client records for at least five years
- File suspicious transaction reports (STRs) with the QFIU without delay
- Appoint a compliance officer and provide regular AML/CFT training to staff
- Undergo independent audits and inspections as required by regulators
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FAQ
Who is responsible for enforcement of this law?
The Qatar Financial Information Unit (QFIU), along with sectoral regulators such as the Qatar Central Bank.
What entities are covered under the law?
Both financial institutions and designated non-financial businesses and professions (DNFBPs), including law firms and real estate agencies.
Are STRs mandatory under this law?
Yes. All covered entities must file suspicious transaction reports with the QFIU immediately upon detection.
What are the consequences for non-compliance?
Penalties can include regulatory sanctions, monetary fines, license suspension, or criminal prosecution.