AML/CFTR 3.4.11 Intermediaries

(1) This rule applies to a firm in relation to a customer of an intermediary, wherever located, if the customer is introduced to the firm by the intermediary.

Example of intermediary

a fund manager who has an active, ongoing business relationship with a customer in relation to the customer's financial affairs and holds funds on the customer's behalf
(2) The firm may treat the intermediary as its customer, and need not conduct CDD itself for the intermediary's customer, if the firm is satisfied that all of the following conditions have been met:
(a) the intermediary is a firm;
(b) it 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;
(c) it is subject to the AML/CFT Law and these rules or to equivalent legislation of another jurisdiction;
(d) it is based, or incorporated or otherwise established, in Qatar or a foreign jurisdiction that has an effective AML/CFT regime;
(e) the firm has all information about the customer obtained from the CDD conducted by the intermediary for the customer that the firm would need if it had conducted the CDD itself;
(f) the firm has, or can immediately obtain from the intermediary on request, a copy of every document relating to the customer that it would need if it were conducting CDD itself for the customer.
(3) If the firm is not satisfied that all of the conditions in subrule (2) have been met, the firm must conduct CDD itself for the customer.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)