Qatar Financial Markets Authority (QFMA), in co-operation with Qatar Association of Certified Public Accountants (QCPA), organised a training workshop on “Money Laundering & Terrorism Financing Risks Assessment Related to Financial Products and Services.”
The workshop was held online and discussed advanced topics and issues in anti-money laundering for employees of QFMA and shareholding companies.
The workshop included a number of key pillars in line with the controls and requirements issued by the regulators as well as the latest relevant developments and decisions issued by international financial bodies.
During the workshop, the speakers covered three main topics, the first being on promoting compliance with local laws and international legislation, and discussing the assessment of risks related to products, their types, their risks, and the financial services, as well the policies, measures, and procedures of ongoing due diligence for high-risk customers.
As for the second topic, the development of the concept of AML/CFT management, it addressed risk assessment from the banking and regulatory point of view, customer risks and jurisdiction risks, and precautionary measures when dealing with high-risk customers and high-risk countries.
The third topic discussed the procedures of correspondent banks in assessing the risks of financial products services, as it dealt with strengthening the regulatory frameworks, mitigating the risks related to correspondent banks, the impact of non-compliance with international sanctions on the work of shareholding companies and financial institutions, and the notification obligations of suspicious transactions.
The target audiences of the workshop included board members of companies and banks, employees of senior management in companies and banks, compliance officers, the human resources sector in companies and banks, and employees of the financial sectors and internal audit.