AML/CFTR 3.4.10 Group introductions
(1) This rule applies in relation to a customer introduced to a financial institution in Qatar (the local firm) by another financial institution (B) in the same group, whether in or outside Qatar, if:
(a) B or another financial institution in the group (the relevant financial institution) has conducted CDD for the customer; and
(b) subject to subrule (2), the local firm is satisfied that all of the following conditions have been met:
(i) the relevant financial institution is regulated and supervised (at least for AML and CFT purposes) by the Regulator or by an equivalent regulatory or governmental authority, body or agency in another jurisdiction;
(ii) it is subject to the AML/CFT Law and these rules or to equivalent legislation of another jurisdiction;
(iii) it is based, or incorporated or otherwise established, in Qatar or a foreign jurisdiction that has an effective AML/CFT regime;
(iv) the local firm has all information about the customer obtained from the CDD conducted by the relevant financial institution for the customer that the firm would need if it had conducted the CDD itself;
(v) the local firm has, or can immediately obtain from the relevant financial institution on request, a copy of every document relating to the customer that it would need if it were conducting CDD itself for the customer.
(2) The local firm need not satisfy itself that all of the conditions in subrule (1) (b) have been met if the Regulator (or the equivalent regulatory or governmental authority, body or agency in another jurisdiction where the relevant financial institution is established) has determined that:
(a) the group's AML/CFT programme, CDD and record-keeping requirements comply with AML/CFT Law and these rules;
(b) the group's implementation of the programme and compliance with the requirements are subject to effective consolidated supervision by the Regulator or its equivalent; and
(c) the group's AML/CFT policies, procedures, systems and controls adequately mitigate risks related to operations in high risk jurisdictions.
(3) The local firm may rely on the CDD conducted by the relevant financial institution and need not:
(a) conduct CDD itself for the customer; or
(b) obtain any of the original documents obtained by the relevant financial institution in conducting CDD for the customer.
|Derived by QFCRA RM/2019-8 (as from 1st February 2020)|