Qatar’s Financial Institutions and Businesses Brace for New Regulations on Suspicious Transaction Reporting

Financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) in Qatar are required to report any suspected transactions linked to money laundering or terrorism financing, as per Article (21) of Law No. (20) of 2019. Here are the key points:

Reporting Obligations

• Financial institutions and DNFBPs, including auditors, dealers in precious metals or stones, and trust and company service providers, must submit a Suspicious Transaction Report (STR) to the Qatar Financial Information Unit (QFIU) if they have suspicion or reasonable grounds to suspect that the transaction:
  • Is associated with, or involves proceeds of a predicate offense
  • May be used for terrorism financing

Reporting Requirements

• STRs must be prepared according to the form and instructions provided by the QFIU and submitted electronically through the electronic reporting system.
• Reporting entities should also refer to the Guidance to Submitting Suspicious Transaction Reports by QFIU.
• Dealers in precious metals or stones should also familiarize themselves with the QFIU’s AML/CFT Compliance Guidance and Reporting Obligations for Dealers in Precious Metals or Precious Stones.
• Those who cannot submit electronically are advised to follow the physical submission procedures.

Special Cases

• The reporting obligation applies even in cases where:
  • An internal suspicious transaction report has already been made
  • The transaction amount is small
  • The transaction concerns tax matters
  • No transaction has been or will be conducted
  • The reporting entity is no longer in a business relationship with the customer
  • An attempted money laundering or terrorism financing activity has failed

Submission Procedures

• Electronic submission: Reporting entities are advised to prepare for the electronic submission requirements. They will be informed when the E-STR system is available.
• Physical submission: In the meantime, reporting entities can follow the above submission procedures to submit STRs.
• During the COVID-19 pandemic: Reporting entities are advised to refer to Circular No. (1) of 2020 for further information on their reporting responsibilities.

Contact Information

• Qatar’s National Financial Crime Centre, Building 11, 8th Floor, Al Baladiya Street 810, Doha, P.O. Box 1234
• Telephone No.: +974 4422 1511
• Fax No.: +974 4422 1773