AML/CFTR 2.3.2 Eligibility to be MLRO or Deputy MLRO
(1) The MLRO and Deputy MLRO for a firm:
(a) must be employed at the management level by the firm, or by a legal person in the same group, whether as part of its governing body, management or staff; and
(b) must have sufficient seniority, knowledge, experience and authority for the role, and in particular:
(i) to act independently; and
(ii) to report directly to the firm's senior management.
(2) The MLRO for a QFC insurer (other than a QFC captive insurer) that is a company incorporated under the Companies Regulations 2005, or a QFC bank, must be ordinarily resident in Qatar.
(3) In the case of any other firm:
(a) if the firm proposes to appoint as MLRO an individual who is not ordinarily resident in Qatar, the firm must satisfy the Regulator that the MLRO function can be adequately exercised by an MLRO who is not resident in Qatar; and
(b) if the Regulator considers that the MLRO function for the firm cannot be adequately exercised by an MLRO who is not resident in Qatar, the Regulator may direct the firm to appoint as MLRO an individual who is ordinarily resident in Qatar.
|Derived by QFCRA RM/2019-8 (as from 1st February 2020)|