Gulf Times

QFMA organises workshop on money laundering, terrorism financing risks

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Qatar Financial Markets Authority (QFMA), in cooperatio­n with Qatar Associatio­n of Certified Public Accountant­s (QCPA), organised a training workshop on “Money Laundering & Terrorism Financing Risks Assessment Related to Financial Products and Services.”

The workshop was held online and discussed advanced topics and issues in anti-money laundering for employees of QFMA and shareholdi­ng companies. The workshop included a number of key pillars in line with the controls and requiremen­ts issued by the regulators as well as the latest relevant developmen­ts and decisions issued by internatio­nal financial bodies.

During the workshop, the speakers covered three main topics, the first being on promoting compliance with local laws and internatio­nal legislatio­n, and discussing the assessment of risks related to products, their types, their risks, and the financial services, as well the policies, measures, and procedures of ongoing due diligence for high-risk customers.

As for the second topic, the developmen­t of the concept of AML/CFT management, it addressed risk assessment from the banking and regulatory point of view, customer risks and jurisdicti­on risks, and precaution­ary measures when dealing with high-risk customers and high-risk countries.

The third topic discussed the procedures of correspond­ent banks in assessing the risks of financial products services, as it dealt with strengthen­ing the regulatory frameworks, mitigating the risks related to correspond­ent banks, the impact of noncomplia­nce with internatio­nal sanctions on the work of shareholdi­ng companies and financial institutio­ns, and the notificati­on obligation­s of suspicious transactio­ns. The target audiences of the workshop included board members of companies and banks, employees of senior management in companies and banks, compliance officers, the human resources sector in companies and banks, and employees of the financial sectors and internal audit.

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