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.
If you still require any further explanation please do not hesitate to contact our compliance team a firstname.lastname@example.org