(MENAFN - The Peninsula) The Peninsula
Doha: Travelex Qatar, a subsidiary of the leading British foreign exchange company Travelex, held a joint one-day workshop with the Qatar Central Bank (QCB) on effective implementation of Risk-Based Approach (RBA) for Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF).
The workshop which was held recently at the Marsa Malaz Kempinski, was attended by representatives from the QCB, Travelex, and money exchange houses in Qatar. The discussions covered the money exchange and transfer space's fast-evolving compliance developments, immediate threats, and long-term challenges and opportunities.
Tom Fane, Managing Director of Travelex Middle East and Turkey, said: 'It is the unfortunate reality of our world that politically motivated and illicit trade flows and transactions, as well as those channelled through the ‘informal' financial system both onshore and offshore, have grown to unprecedented levels in the past decade. The urgency and importance of this programme, for which we are delighted and privileged to have partnered with QCB, cannot be overstated. In recent years, regulatory authorities, banking and finance institutions, and tech providers have been sounding the alarm on the perils of an increasingly decentralised financial system, particularly as it continues to outpace policymaking and market readiness. In 2018 alone, six of the world's leading financial groups spent nearly $20bn in fines and dispute settlements involving corruption and failure to comply with AML/CFT best practice and preventive measures.
Fane added: 'Existing regulatory and legislative frameworks for ‘Know-Your-Customer' (KYC), digital payments and transfers, and FinTech are only now coming to terms with the potential risks that can be incurred by this new financial landscape. In this increasingly open environment, it is imperative that systems, processes, and regulations of all institutions involved reflect an agile effort toward compliance and de-risking.
Ali Sultan Alsulaiti, QCB's Director of the AML/CFT Department, assured that Qatar is pouring its efforts and making steadfast progress into combating and limiting the damages incurred by financial crime, money laundering, and terrorism financing transactions. As the backbone of the country's surveillance and supervisory framework for financial institutions, he said QCB has adopted many risk management tools and processes to this end, chief among which are those falling under RBA.
RBA is a global mandate for nations, authorities, and bodies over the world to abide and work by, in alignment with their market-specific goals and monitoring systems.