Anti money laundering and terrorism statement

The Commercial Bank of Qatar was established in 1975 under Commercial Register number 150 of the Ministry of Economy & Commerce in Qatar. It is regulated and supervised by Qatar Central Bank, as the main regulatory authority.

The state of Qatar is a member country of the Gulf Cooperation Council, who in turn is a member of the Financial Action Task Force on Money Laundering and Terrorism Financing. Commercial Bank of Qatar gives special attention to AML & CFT requirements and is highly committed to ensuring compliance with regulatory requirements. Commercial Bank aims to comply with Qatar regulation & UN resolution on AML & CFT.

The combined Qatar laws and regulations cover the following;

  • Internal systems & controls, policies and procedures.
  • Verification of identity.
  • Know your customer procedures – knowing enough about the customer and the customer’s normal expected activities to recognise when a transaction or series of transactions is abnormal.
  • Appointment of a Money Laundering Reporting Officer to oversee compliance with money laundering regulations.
  • Recognising and reporting suspicious activity.
  • Staff awareness and training.
  • Record keeping.
  • Senior management responsibility.
  • Commercial Bank has all of the following arrangements in place:

Written policies and procedures to combat money laundering.
An established Compliance & AML/CFT unit and Audit review function.
Procedures for reporting suspicious activities/ transactions to the Financial Information Unit.

A policy of not opening accounts for a bank that does not have a physical presence in any country (shell banks).

A policy of protecting employees if they report, in good faith, any suspicious activity.

The AML & CFT documents published here contain details of AML&CFT policies and procedures implemented in Commercial bank. 

See also:

If you still require any further explanation please do not hesitate to contact our compliance team a aml&