• AMLG Chapter 1 AMLG Chapter 1 General provisions

    • AMLG Part 1.1 AMLG Part 1.1 Introductory

      • AMLG 1.1.1 Name of rules

        These rules are the Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019 (AMLG).

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.1.2 Commencement

        These rules commence on 1 February 2020.

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.1.4 Application of these rules

        These rules apply to general insurance firms.

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.1.5 Effect of definitions, notes and examples

        (1) A definition in the Glossary also applies to any instructions or document made under these rules.
        (2) A note in or to these rules is explanatory and is not part of these rules. However, examples and guidance are part of these rules.
        (3) An example is not exhaustive, and may extend, but does not limit, the meaning of these rules or the particular provision of these rules to which it relates.

        Note Under FSR, Article 17 (4), guidance is indicative of the view of the Regulator at the time and in the circumstances in which it was given.
        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

    • AMLG Part 1.2 AMLG Part 1.2 Key AML/CFT principles

      • AMLG 1.2.1 Principle 1 — responsibilities

        The Governing Body of a firm is responsible for approving the policies, procedures, systems and controls necessary to ensure the effective prevention of money laundering and terrorism financing. The senior management of the firm must ensure that the policies, procedures, systems and controls are implemented, and that they appropriately and adequately address the requirements of the AML/CFT Law and these rules.

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.2.2 Principle 2 — risk-based approach

        A firm must adopt a risk-based approach to these rules and their requirements.

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.2.3 Principle 3 — know your customer

        A firm must know each of its customers to the extent appropriate for the customer's risk profile.

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.2.4 Principle 4 — effective reporting

        A firm must have effective measures in place to ensure that there is internal and external reporting whenever money laundering or terrorism financing is known or suspected.

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.2.5 Principle 5 — high standard screening and appropriate training

        A firm must:

        (a) have adequate screening procedures to ensure high standards when appointing or employing officers and employees; and
        (b) have an appropriate ongoing AML/CFT training programme for its officers and employees.
        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.2.6 Principle 6 — evidence of compliance

        A firm must be able to provide documentary evidence of its compliance with the requirements of the AML/CFT Law and these rules.

        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

    • AMLG Part 1.3 AMLG Part 1.3 Key terms

      • AMLG 1.3.1 What are a firm and a general insurance firm?

        (1) A general insurance firm (or firm) is an entity that has an authorisation (granted under the Financial Services Regulations, Part 5) to conduct, in or from the QFC, only either or both of the following regulated activities:
        (a) general insurance business;
        (b) insurance mediation (within the meaning given by IMEB, rule 1.2.2) in relation to either or both of:
        (i) general insurance contracts; and
        (ii) pure protection contracts.
        Note A firm that conducts any other regulated activity (whether or not it also conducts a regulated activity mentioned in rule 1.3.1) in or from the QFC must comply with the Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019 — see those rules.
        (2) In subrule (1):
        general insurance business and general insurance contract have the same respective meanings as in PINS.
        pure protection contract means a long term insurance contract (within the meaning given by PINS) that meets all of the following conditions:
        (a) the benefits under the contract are payable only on death or for incapacity due to injury, sickness or infirmity;
        (b) either:
        (i) the contract has no surrender value; or
        (ii) the consideration for the contract consists of a single premium and its surrender value does not exceed that premium;
        (c) the contract makes no provision for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);
        (d) the contract is not a reinsurance contract (within the meaning given by PINS).
        regulated activities has the same meaning as in the Financial Services Regulations.
        Derived by QFCRA RM/2019-9 (as from 1st February 2020)

      • AMLG 1.3.2 Who is a customer?

        (1) A customer, in relation to a firm, includes 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:
        (a) on the person's own behalf; or
        (b) as agent for or on behalf of another person.
        (2) To remove any doubt, customer also includes:
        (a) any person receiving a service offered by the firm (or by a member of the firm's group) in the normal course of its business; and
        (b) a client or investor, or prospective client or investor, of the firm or a member of the firm's group.
        Derived by QFCRA RM/2019-9 (as from 1st February 2020)