Anti-Money Laundering Policy
CQUR Bank LLC was established in 2019 under QFC License # 00622. CQUR Bank LLC is licensed, regulated and supervised by the “Qatar Financial Centre Regulatory Authority” (“QFCRA”). The latter monitors, inter-alia, compliance of banks under its supervision with the State of Qatar Law No. (20) of 2019 on Anti-Money Laundering and Combating the Financing of Terrorism (“AML/CFT Law”) and the QFCRA’s Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019 (“AML/CFTR Rules”) (collectively the “Qatar AML/CFT Regulatory Framework”).
The state of Qatar is a member country of the Gulf Cooperation Council, which in turn is a member of the Financial Action Task Force on Money Laundering and Terrorism Financing. CQUR Bank gives special attention to AML & CFT requirements and is highly committed to ensuring compliance with regulatory requirements. CQUR Bank strictly complies with the Qatar AML/CFT Regulatory Framework.
Below is a short summary of some of the main provisions of CQUR Bank’s AML and CFT policies, procedures, systems and controls which are in line and in full compliance with the Qatar AML/CFT Regulatory Framework:
- CQUR Bank has a legal and regulatory compliance program that includes a designated senior officer who is responsible for coordinating and overseeing the Bank’s AML/CFT framework.
- Proper Know-Your-Customer (“KYC”) practices are central to the Bank’s AML/CFT framework.
- CQUR Bank developed written policies documenting the processes in place to prevent, detect and report suspicious transactions.
- In addition to inspections by the government supervisors/regulators, CQUR Bank’s internal audit assess AML policies and practices on a regular basis.
- Policy prohibiting accounts/relationships with shell banks, customers dealing in any type of trafficking, sanctioned persons.
- Does not allow transactions by non-customers.
- Policies covering relationships with Politically Exposed Persons (PEPs), members of their family and close associates.
- Risk-based scoring system for the risk assessment of its customers.
- Compliance approves all new customers.
- All customers are screened against, inter-alia, sanctions lists, including but not limited to lists of the United Nations Security Council, the State of Qatar, the European Union and the USA Office of Foreign Assets Control (OFAC).
- Automated filtering of transactions against sanctions lists.
- Automated daily filtering of the whole customer data base (comprising the customer, its registered shareholders, beneficial owners, directors and authorised signatories).