Article 24 — Anti-Money Laundering
Single Family Office is a DNFBP. A Single Family Office must have policies, procedures, systems and controls in place to ensure compliance with the AML/CFT Law, the AML/CFT Rules, and any other relevant legislation in the QFC and the State of Qatar.
Designated Representative acts as a point of contact within the Single Family Office for the competent Qatari and QFC authorities in respect of the AML/CFT Law and associated anti-money laundering issues. The Single Family Office may appoint a person other than the Designated Representative to ensure that it complies with the AML/CFT Law and the AML/CFT Rules.
24.3 The records maintained by the
Designated Representative must be kept in such a manner that the Single Family Office can satisfy (to the extent it is required to do so), within an appropriate time, any regulatory enquiry or court order to disclose information.
24.4 In order to understand issues of legal and beneficial ownership, and control, and in order to comply with the requirements of submitting an
Annual Report, the Designated Representative must obtain (on a risk-sensitive basis) the relevant Customer Identification Documentation in relation to any Single Family Office Client who:
(a) is a settlor in relation to any fiduciary structure;
(b) acts as trustee, protector or enforcer of, or holds any fiduciary power in relation to, any trust or other similar entity or holds the power to appoint or remove any trustee, protector or enforcer;
(c) is a director or alternate director of any body corporate which acts as trustee, protector or enforcer of, or holds any fiduciary powers in relation to, any trust or other similar entity;
(d) holds any power of appointment (whether general or special) or power of revocation or direction over the assets (or the income thereof) of a trust or other similar entity;
(e) receives a benefit from, as a beneficiary of, any trust or other similar entity; or
(f) is a director or alternate director or partner of, or otherwise controls, any entity or business.