Supervised Entities

Entities supervised and monitored by MOCI are subject to compliance with a number of AML/CFT requirements specified in Law No. (20) of 2019 on Combatting Money Laundering and Terrorism Financing, its Implementing Regulations and the compliance rules, which mainly consist of the following:

  1. Adopting a risk-based approach, by developing internal policies, procedures and controls that allow identification, assessment, understanding, management and mitigation of money laundering and terrorism financing risks at the entity in line with the nature and size of its business, in addition to reviewing, updating and enhancing these policies, procedures and controls where appropriate.
  2. Developing an AML/CFT programme that takes into account money laundering and terrorism financing risks at the entity, as well as the nature, size and complexity of its business.
  3. Appointing the compliance officer and his deputy according to this form Anti-Money Laundering Compliance Officer and His Deputy Appointment Form and grating him the necessary powers and authorities allowing him to perform his role in an effective, objective and independent manner.
  4. Adopting screening procedures to ensure high standards when appointing or hiring employees and officers.
  5. Independent audit function to ensure ongoing and appropriate evaluation, review and testing of the compliance with the policies. For more information regarding the preparation of an independent review report, kindly refer to Guidance for the AML/CFT Independent Review Report .
  6. Preparing and implementing an ongoing AML/CFT training programme for officers and employees.
  7. Identifying customers and the level of CDD and ongoing monitoring that must be applied to them, including identifying the beneficial owner of the customer and taking reasonable measures to verify his identity using documents, information or data from a reliable source. For more information on criteria of beneficial ownership identification, please view the guidance on beneficial ownership.
  8. Effective internal and external reporting and preventing tipping-off.
  9. Proving compliance: Obligations related to maintaining all records, documents and data of all local or international transactions and operations, or obtained or gathered through CDD measures, for a minimum period of ten (10) years.