REPO 3.1.4 MLRO function

(1) The MLRO function for a representative office is the function of being responsible for overseeing compliance with the office’s responsibilities under the AML/CFT Law. That function is a controlled function for the purposes of FSR, article 41 (2).
(2) Subject to subrule (3), the individual who exercises the MLRO function for a representative office must be:
(a) the individual who exercises that function or an equivalent function in the office’s head office; or
(b) an individual who is ordinarily resident in Qatar.
(3) If the Regulatory Authority considers that the MLRO function for a representative office cannot be adequately exercised by an individual who is not resident in Qatar, the Authority may direct the office to appoint as MLRO an individual who is ordinarily resident in Qatar.
(4) To avoid any doubt, references to the MLRO function in the provisions of INDI that apply to a representative office apply to the MLRO function referred to in subrule (1).
Note INDI, Schedule 1 rule S1.7.21 (which requires an individual who exercises the MLRO function to hold the CISI Regulatory qualification) does not apply to the controlled function referred to in rule 3.1.4 — see rule 5.1.1 (i).
Derived from QFCRA RM/2020-5 (as from 1st October 2020)