Commercialbank holds Symposium on the :‘Effective implementation of the New Anti Money Laundering ( AML )/ Combating Terrorist Financing (CFT ) Laws &  Regulations in Qatar’

The Commercial Bank of Qatar 2nd largest private sector Bank, recently held a one day symposium Under the patronage of the National Anti Money Laundering Committee,  to address the effective implementation of the new Anti Money Laundering (AML) and Combating Terrorist Financing (CFT) Laws &  Regulations in Qatar.

Amongst the dignitaries who attended the symposium were H.E Sheik Abulla Bin Saud AL-Thani, Governor of QCB, H.E Sheik Fahad Bin Faisal Al-Thani, QCB Deputy Governor & Chairman of the National AML / CFT Committee,  Mr. Samir Ibrahimi - Head of The MENAFATF & Tunisia FIU, H.E Sheik Ahmad Bin Eid Al Thani – Head of Qatar FIU, Mr. Andrew Stevens, Group CEO of Commercial Bank.

Commercialbank has been a pioneer in introducing comprehensive AML & CFT programs in line with QCB regulation to safe guard Commercialbank’s reputation, its share holders, customers & staff alike. Commercialbank’s  AML/CFT Strategy emphasizes high standards of honesty and integrity where senior management lead by example.  In line with this strategy, the Bank shows its commitment to compliance with the AML/CFT regulation, through its active participation with the regulatory authorities, proper implementation of AML/CFT systems, policies & procedures, in addition to embarking on training initiatives that benefits the entire financial sector in Qatar.

The one day symposium tackled a mélange of detailed topics where participants examined the legal and regulatory frame work in which they operate and manage which included the Senior Management responsibility, Compliance Officer Responsibilities, Risk Based Approach, Know Your Customer, Effective Suspicious Transaction Reporting, Evidence of Compliance and Training.

The seminar also covered in detail the recent AML Law 4 of 2010 and its impact on the financial sector in Qatar to prevent money laundering and terrorism financing. Also discussed were the measures that should be taken by financial institutions to ensure implementation of the law and how to overcome obstacles that may stand in the way of its full implementation. Various speakers highlighted the new AML & CFT Guidelines, QCB examination procedures, and vulnerabilities of M Commerce & emerging technologies. Furthermore, lecturers guided the participants on how to implement Risk Based System solution along with implementation procedures that comply with the new laws & regulation.

Andy Stevens GCEO, Commercialbank said “Commercialbank considers its AML&CFT commitment as a moral and national obligation to work hand in hand with the regulator and the private sector to ensure that Qatar achieves distinctive compliance standards in the international arena consequently. Commercialbank is dedicated to supporting Qatar’s new AML/CFT framework implementation to meet all of the Financial Actions Task Force’s 40+9 Recommendations”

All the participants placed great emphasis on the need for collaboration between the financial sector and the regulatory authorities on future training initiatives like the one carried out by Commercial bank to ensure accurate understanding of the regulation and full implementation of the new AML & CFT regulation to safe guard Qatar financial sector from ML & TF risks.