Reporting Suspicious Transactions

Obligation of reporting suspicious transactions

• Under Article (21) of Law No. (20) of 2019 on Combatting Money Laundering and Terrorism Financing, financial institutions and DNFBPs shall promptly report to the Financial Information Unit any information concerning any transaction or operation, including attempted transactions and operations, regardless of the value thereof, when there is a suspicion or reasonable grounds to suspect that such transactions and operations are associated with, or involve proceeds of a predicate offence or may be used in terrorism financing.
• Auditors, dealers in precious metals or stones and trust and company service providers must promptly report to the Financial Information Unit when there is a suspicion or reasonable grounds to suspect that  transactions are associated with, or involve proceeds of a predicate offence or may be used in terrorism financing, irrespectively of the following:

1. An internal suspicious transaction report has been made.
2. The amount of the transaction or operation.
3. The transaction involves tax matters.
4. No transaction has not been, or will not be, conducted.
5. The supervised entity has terminated any relationship with the customer.
6. Any attempted money laundering or terrorism financing activity has failed.

How to report suspicious transactions

• Suspicious transactions must be reported by preparing a suspicious transaction report according to the form adopted by QFIU and its instructions and guidance.

Suspicious Transaction Report Form by QFIU

• In this context, referral may be made to the Guidance to Submitting Suspicious Transaction Reports by QFIU.

Guidance to Submitting Suspicious Transaction Reports by QFIU

• Dealers in precious metals or stones may refer to the following:

AML/CFT Compliance Guidance and Reporting obligations For Dealers in Precious Metals or Precious Stones

• STRs must be submitted through the electronic reporting system of QFIU, which is currently developing the E-STR system that allows dealers in precious metals or stones, auditors and trust and company service providers to report suspicious transactions electronically. Reporting entities will be notified once this system is available.
• If the electronic reporting service is unavailable, the STR must be submitted to QFIU through a courier/representative at the following address:

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

Email: info@qfiu.gov.qa

• For information on the responsibilities of the reporting entities regarding Covid-19, kindly refer to Circular No. (1) of 2020 on Reporting Entities Responsibilities in Light of COVID-19 Pandemic.
• For more guidance on the obligation of reporting suspicious transactions, please refer to QFIU’s website: http://www.qfiu.gov.qa