AML/CFTR 2.1.6 Application of AML/CFT Law requirements, policies etc to branches and associates

(1) This rule applies to a firm if:
(a) it has a branch or associate in Qatar; or
(b) it has a branch in a foreign jurisdiction, or an associate in a foreign jurisdiction over which it can exercise control.
(2) The firm must ensure that the branch or associate, and the officers, employees, agents and contractors of the branch or associate, wherever they are, comply with:
(a) the requirements of the AML/CFT Law and these rules; and
(b) the firm's AML/CFT policies, procedures, systems and controls;
except so far as the law of another jurisdiction prevents this subrule from applying.
(3) Without limiting subrule (2), the firm's AML/CFT policies, procedures, systems and controls:
(a) must require the branch or associate, and the officers, employees, agents and contractors of the branch or associate, wherever they are, to provide to the firm's MLRO suspicious transaction reports for transactions in, from or to this jurisdiction; and
(b) must provide timely, unrestricted access by the firm's senior management and MLRO, and by the Regulator and FIU, to documents and information of the branch or associate, wherever they are held, that relate directly or indirectly to its customers or accounts or to transactions in, from or to this jurisdiction;
except so far as the law of another jurisdiction prevents this subrule from applying.
(4) Subrule (3) (a) does not prevent a suspicious transaction report also being made in another jurisdiction for a transaction in, from or to this jurisdiction.
(5) Despite subrule (2), if the AML/CFT requirements of this jurisdiction and another jurisdiction differ, the branch or associate must apply the requirements that impose the highest standard, except so far as the law of another jurisdiction prevents this subrule from applying.
(6) Also, this rule does not prevent the firm and its branches, or the firm and the other members of its group, from applying higher, consistent standards in their AML/CFT policies, procedures, systems and controls in relation to customers whose transactions or operations extend across the firm and its branches or the firm and the other members of its group.
(7) If the law of another jurisdiction prevents a provision of this rule from applying to the branch or associate or any of its officers, employees, agents or contractors, the firm:
(a) must immediately tell the Regulator about the matter; and
(b) must apply additional measures to manage the money laundering and terrorism financing risks (for example, by requiring the branch or associate to give to the firm additional information and reports).
(8) If the Regulator is not satisfied with the additional measures applied by the firm under subrule (7) (b), the Regulator may, on its own initiative, apply additional supervisory measures by, for example, directing the firm:
(a) in the case of a branch — to suspend the transactions through the branch in the foreign jurisdiction; or
(b) in the case of an associate — to suspend the transactions of the associate insofar as they relate to Qatar.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)