The Commercial Bank (P.S.Q.C.) (the “Commercial Bank”) was established in 1975 under Commercial Register number 150 of the Ministry of Economy & Commerce in Qatar. It is regulated and supervised by Qatar Central Bank.
The Commercial Bank conducts all banking activity in strict accordance with
Qatar Central Bank Law No. 20 of Year 2019 on Combating Money Laundering and Terrorism Financing. In doing so, it gives special attention to AML & CFT and sanctions requirements and is highly committed to ensuring compliance with mandated regulatory requirements. The combined Qatar laws and regulations include, but are not limited to, the following areas:
- Internal systems & controls, policies and procedures
- Know your customer (KYC) procedures, including adequate customer due diligence (CDD) and, where applicable, Enhanced due diligence (EDD)
- Appointment of a Money Laundering Reporting Officer to oversee compliance with local as well as internationally reputable regulations
- Identification & reporting of suspicious activity
- Staff awareness and training
- Record keeping requirements
- Specification of Senior management responsibility
In addition, the Commercial Bank has the following controls in place:
- Written policies and procedures covering the combatting of Money laundering/Terrorist Financing, Weapons of Mass Destruction Proliferation and Sanctions
- Automated systems for customer sanctions screening and transactional monitoring, including a daily update/screening of all customer base as well as real-time screening of all transactions against local and international sanctions/blacklists (UN, OFAC, EU, UKHMT, Interpol)
- Established Compliance and Financial Crimes Control unit overseeing the AML/CFT, Fraud and sanctions functionalities
- Audit review function
- Procedures for reporting suspicious activities/ transactions to the Financial Information Unit
- Risk-Based Approach guidelines for classification of customers
Moreover, the Commercial Bank has a ‘zero tolerance’ policy for the following areas:
- Sanctioned individuals/entities
- Opening of Omnibus/Anonymous accounts
- Cryptocurrency & Digital/Virtual Currency
- Dealing with shell banks
- Walk-in customers
- Unlawful activities such as gambling, Adult Entertainment industry, illegal weapons dealers, illegal narcotics, human trafficking, etc.
Finally, the Commercial Bank has a ‘whistleblowing’ policy to protect employees that report, in good faith, any suspicious activity.
Abdulla Ahmed A. Al-Fadli
Sr. AGM & Chief Compliance Officer
The AML & CFT documents published here contain details of AML&CFT policies and procedures implemented in Commercial bank.
If you still require any further explanation please do not hesitate to contact our compliance team a firstname.lastname@example.org