Qatar’s Financial Regulator and Global Body Launch Digital Platform for Financial Crime Prevention
The Qatar Financial Markets Authority (QFMA) and the Chartered Institute for Securities & Investment (CISI) have joined forces to create an innovative online platform that enables financial professionals in Qatar to evaluate their knowledge of anti-money laundering (AML) and combating the financing of terrorism (CFT).
Enhancing Financial Sector’s Capability against Money Laundering and Terrorist Financing
This digital platform comes at a time when Qatar is making substantial strides to combat money laundering, with illegal funds estimated to move around $2tn yearly, funding terrorism and other criminal activities (UN, 2021). Professionals in the financial services sector can now assess their AML/CFT expertise through mobile devices and laptops, with results directly reported to the regulator for monitoring compliance.
The platform offers access in both English and Arabic languages, aiming to increase the overall capability of the financial sector in preventing money laundering and terrorist financing.
Maintaining Robust Training Standards and Adapting to Remote Work
“Ensuring robust training and competence standards within our sector is paramount,” said Simon Culhane, CEO of CISI. With COVID-19 challenges, the online platform guarantees continued access to education for employees working remotely. Culhane further emphasized, “Online systems have proven to be effective for productivity and particularly beneficial for e-learning.”
The Necessity of Advanced Technologies in Combating Financial Crimes
Leveraging advanced technologies like machine learning and natural language processing has become indispensable in the fight against financial crimes, particularly for large financial institutions. By implementing solutions to automate these processes and monitor potential criminal activity, banks can make more informed decisions and prevent significant financial penalties.
High-profile cases serve as reminders of the risks; ING was fined €775m in the Netherlands for failing to prevent money laundering worth hundreds of millions of euros between 2010 and 2016, while Citigroup paid almost $100m and admitted criminal violations related to anti-money laundering rules in 2017.
QFMA’s Commitment to AML/CFT-related Educational Awareness
Nasser Ahmad Al Shaibi, CEO of QFMA, stated, “We place significant importance on the educational and awareness aspect of professionals in the capital market, specifically regarding AML/CFT issues. This is essential for ensuring the continued growth of the financial sector and investor protection.”