(see rule 1.1.5)
account, in relation to a financial institution, means an account of any kind with the financial institution, and includes anything else that involves a similar relationship between the financial institution and a customer.
activity includes operation.
AML means anti-money laundering.
AML/CFT Law means Law No. (20) of 2019 on Combating Money Laundering and Terrorism Financing and includes any Regulations made under it.
another jurisdiction means a jurisdiction other than this jurisdiction.
applicant for business has the meaning given by rule 4.2.3.
associate, in relation to a legal person (A), means any of the following:
authorised firm means a person that has an authorisation granted under the Financial Services Regulations, Part 5.
beneficial owner has the meaning given by rule 1.3.5.
beneficiary, of a trust, means a person, or a person included in a class of persons, for whose benefit the trust property is held by the trustee.
business day means any day that is not a Friday, Saturday or a public holiday in Qatar.
business relationship has the meaning given by rule 4.2.4.
CDD means customer due diligence.
CFT means combating the financing of terrorism.
correspondent banking has the meaning given by rule 1.3.7.
correspondent securities relationship has the meaning given by rule 1.3.9.
customer has the meaning given by rule 1.3.4.
customer due diligence (or CDD) has the meaning given by rule 4.2.1.
Deputy MLRO, in relation to a firm, means the firm's deputy money laundering reporting officer.
designated non-financial business or profession (or DNFBP) has the meaning given by rule 1.3.3.
director, of a firm, means a person appointed to direct the firm's affairs, and includes:
DNFBP means a designated non-financial business or profession.
document means a record of information in any form (including electronic form), and includes, for example:
employee, in relation to a person (A), means an individual:
entity means any kind of entity, and includes, for example, any person.
exercise a function means exercise or perform the function.
FATF means the Financial Action Task Force, the inter-governmental body that sets standards, and develops and promotes policies, to combat money laundering and terrorism financing, and includes any successor entity.
firm has the meaning given by rule 1.3.1.
financial institution has the meaning given by rule 1.3.2.
FIU means the Financial Intelligence Unit established under the AML/CFT Law.
foreign jurisdiction means a jurisdiction other than Qatar (which includes the Qatar Financial Centre).
full originator information means:
full recipient information means the recipient's name and the recipient's account number or, if there is no account number, a unique reference number (being numbers that are traceable to the recipient).
function means any function, authority, duty or power.
funds means assets or properties of every kind (whether physical or non-physical, tangible or intangible or movable or immovable, however acquired, and of any value), including:
governing body, of a firm, means its board of directors, committee of management or other governing body (whatever it is called).
group, in relation to a firm, means 2 or more entities consisting of:
instrument means an instrument of any kind, and includes, for example, any writing or other document.
insurance business has the meaning given by the Insurance Business Rules 2006.
jurisdiction means any kind of legal jurisdiction, and includes, for example:
legal arrangement means an express trust or similar legal arrangement.
legal person means an entity (other than an individual) on which the legal system of a jurisdiction confers rights and imposes duties, and includes, for example:
MLRO, in relation to a firm, means the firm's money laundering reporting officer.
money laundering has the same meaning as in the AML/CFT Law, Chapter 2, Article (2).
NAMLTF Committee means the National Anti-Money Laundering and Terrorism Financing Committee established under the AML/CFT Law.
National Risk Assessment means the series of activities prepared and supervised by the NAMLTF Committee to identify and analyse the threats faced by Qatar and its financial system from money laundering, terrorism financing, and the financing of the proliferation of weapons of mass destruction.
non-profit organisation means a legal person, legal arrangement or other organisation that engages in raising or disbursing funds for:
office includes position.
one-off transaction has the meaning given by rule 4.2.5.
ongoing monitoring has the meaning given by rule 4.2.2.
outsourcing, in relation to a firm, is any form of arrangement that involves the firm relying on a third-party service provider (including a member of its group) for the exercise of a function, or the conduct of an activity, that would otherwise be exercised or conducted by the firm, but does not include:
parent entity, in relation to a legal person (A), means any of the following:
PEP means a politically exposed person.
politically exposed person (or PEP) has the meaning given by rule 1.3.6.
proceeds of crime means funds derived or obtained, directly or indirectly, from a predicate offence (within the meaning given by the AML/CFT Law, Chapter 1), including any income, interest, revenue or other product from such funds, whether or not the funds have been converted or transferred, in whole or in part, into other properties or investment yields.
product includes the provision of a service.
QFC bank means an authorised firm that is:
QFC captive insurer has the meaning given by the Captive Insurance Business Rules 2011.
QFC insurer means an authorised firm that has an authorisation to conduct insurance business.
senior management, of a firm, means the firm's senior managers, jointly and separately.
senior manager, of a firm, means an individual employed by the firm, or by a member of the firm's group, who has responsibility either alone or with others for management and supervision of 1 or more elements of the firm's business or activities that are conducted in, from or to this jurisdiction.
settlor, in relation to a trust, means the person who created the trust.
shell bank has the meaning given by rule 1.3.8.
subsidiary — a legal person (A) is a subsidiary of another legal person (B) if B is a parent entity of A.
suspicious transaction report, in relation to a firm, means a suspicious transaction report to the firm's MLRO or by the firm to the FIU.
targeted financial sanction means asset freezing or any prohibition to prevent funds from being made available, directly or indirectly, for the benefit of persons or entities listed in accordance with the Law No. (27) of 2019 on Combating Terrorism.
Note Under the Law on Combating Terrorism, the National Counter Terrorism Committee is responsible for implementing the requirements relating to targeted financial sanctions. For how to implement targeted financial sanctions, see guidelines under that Law.
terrorist means an individual who:
terrorism financing has the same meaning as in the AML/CFT Law, Chapter 2, Article (3).
terrorist act has the same meaning as in the AML/CFT Law, Chapter 1.
terrorist organisation means a group of terrorists.
the Regulator means the Qatar Financial Centre Regulatory Authority.
the State means the State of Qatar.
this jurisdiction means the Qatar Financial Centre.
tipping-off has the meaning given by rule 5.2.1.
transaction means a transaction or attempted transaction of any kind, and includes, for example:
writing means any form of writing, and includes, for example, any way of representing or reproducing words, numbers, symbols or anything else in legible form (for example, by printing or photocopying).
|Derived by QFCRA RM/2019-8 (as from 1st February 2020)|