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AML/CFT Law No. 20 of 2021

Jordan

2021

AML/CFT

Overview

Law No. 20 of 2021 is Qatar's primary legislation on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). It replaced the earlier Law No. 20 of 2019 and was enacted to align Qatar's legal framework with the Financial Action Task Force (FATF) Recommendations following its mutual evaluation.

This regulation applies to banks, insurance companies, money service businesses, virtual asset providers, law firms, accountants, real estate companies, and other regulated entities in Qatar. It mandates a risk-based approach to AML/CFT compliance, customer due diligence, recordkeeping, reporting of suspicious transactions, and appointment of compliance officers. The law is enforced by the Qatar Financial Information Unit (QFIU), in coordination with other sectoral regulators.

Key Obligations

Implement a risk-based AML/CFT program tailored to the nature and size of business
Conduct customer due diligence (CDD), including beneficial ownership verification
Perform enhanced due diligence (EDD) for high-risk clients and politically exposed persons (PEPs)
Report suspicious transactions to the QFIU

Maintain records of transactions and client information for at least five years
Appoint a compliance officer and provide regular AML/CFT training for staff
Allow for independent audits and inspections by supervisory authorities

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Related Regulations

FATF 40 AML/CFT Recommendations

DFSA AML Rulebook DIFC

CBUAE AML Payments Guidance

FAQ

Who enforces AML/CFT Law No. 20 of 2021 in Qatar?

The Qatar Financial Information Unit (QFIU), along with the Qatar Central Bank and other sectoral regulators, supervises enforcement.

What businesses must comply with this law?

Financial institutions and designated non-financial businesses and professions (DNFBPs), including real estate firms, law firms, and virtual asset service providers.

Are PEPs subject to stricter checks under this law?

Yes. Enhanced due diligence is mandatory for politically exposed persons and other high-risk categories.

What happens if an entity fails to comply?

Non-compliance may result in administrative sanctions, fines, suspension of business activities, or criminal liability.