AML/CFTR 4.5.4 Certain life insurance contracts

A firm may conduct simplified CDD for a customer in relation to a life insurance contract if:

(a) either:
(i) the annual premium is not more than QR 3,000; or
(ii) if there is a single premium — the premium is not more than QR 7,500;
(b) the contract is in writing;
(c) the beneficiary is not anonymous;
(d) the nature of the contract allows for the timely CDD if there is a suspicion of money laundering or terrorism financing; and
(e) the benefits of the contract or a related transaction cannot be realised for the benefit of third parties, except on death or survival to a predetermined advanced age, or similar events.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)