Supervision
The Supervision Division is responsible for supervising and monitoring banks, insurance companies, supportive insurance service providers, financial technology companies, and other financial institutions operating in the State of Qatar by applying effective best practices using the risk-based approach and early warning, and conducting onsite and offsite examination and assessment of all types of risks and verifying their compliance with the QCB’s instructions, prudential ratios and ceilings, detecting exceeding and violations, and drafting supervisory instructions and guidelines to enhance the integrity of financial institutions in accordance with applicable laws and the best international standards and practices, identifying cases in violation of the QCB’s instructions, enforcing and notifying the financial institutions of sanctions.
Additionally Supervision Division is following up on the compliance of financial institutions with the regulatory requirements related to combating financial crimes, which include combating money laundering and financing of terrorism, anti-corruption and anti-bribery, and following up on compliance with know your customer and persons with significant influence procedures, combating fraud, imposing sanctions on violating institutions that engage in illegal activities, and reviewing information related to the suspicious cases through indicators of financial crime models using an automated monitoring system in order to make efficient decisions to ensure that financial institutions subject to QCB’s supervision are not exploited, and field and office inspection of financial institutions subject to QCB’s supervision to assess the risks inherent in financial crimes and classify each financial institution according to the degree of risk.
The Supervision Division also examines, studies, and processes licensing and renewal applications for all types of financial institutions subject to QCB’s supervision, including financial technology companies, submits related recommendations, and issues license certificates, in addition to examining and studying requests for internal and external expansion by opening new branches and representative offices, installing ATMs, and any other activities. Additionally, providing sufficient information on licensing requirements and application forms, examining requests for approving the organizational structure, articles of incorporation, and articles of association, nominating members of the financial institutions’ boards of directors and their external auditors, examining and studying requests for appointing senior employees, and studying requests from financial institutions regarding holding regular and extraordinary general assembly meetings including agendas, studying reports and requests for remuneration for members of the boards of directors and executive departments of financial institutions, and examining and studying requests for cancellation or suspension of the license.
This mandate is carried out by 6 departments of the supervision sector, which are: Banking Supervision Department, Insurance Supervision Department, Other Financial Institutions Supervision Department, Financial Technology Supervision Department, Financial Crimes Compliance Department, and Licensing Department.
The Department is responsible for supervising banks operating in the State of Qatar and licensed by Qatar Central Bank, by supervising all businesses, activities and disclosure reports issued by the banks to maintain high standards of disclosure, financial solvency and effective risk management methods. This is done through field supervision by carrying out inspection missions in the centers, branches and all departments of those banks, as well as through office inspection by obtaining data and periodic reports through approved means of communication, and then analyzing and preparing reports on the data and activities of those banks, whether for each bank or in an aggregated manner for all banks. It also receives and studies all requests sent from banks and responds to them, and undertakes the preparation of studies and drafting instructions, circulars and guidelines issued to banks.
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The Insurance Supervision Department is in charge of supervising the insurance companies and auxiliary insurance services operating in the State of Qatar in accordance with the provisions of the Law of the Qatar Central Bank and the Regulation of Financial Institutions no. Law no. (13) of 2012, and the Insurance Instructions issued by virtue thereof. Additionally, the department works in accordance with the best international standards and practices for the supervision of the insurance sector, ensuring its stability, transparency, competitiveness, and governance.
In order to protect the rights of insurance policy holders, enhance the company's capacity to deliver high quality services, and encourage fair competition among insurance companies, the department implemented strict supervision systems to monitor the performance of the insurance companies and their solvency. Additionally, the department implemented systems to monitor the provision of auxiliary insurance services in a way that guarantees the most effective regulation of the insurance market.
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The Other Financial Institutions Supervision Department is responsible for supervising exchange houses, finance companies, investment companies, investment funds, and financial and investment consulting companies operating in the country. That is through conducting regular off-site and on-site assessments and inspections to comprehensively address the risks associated with these financial institutions (FIs). This includes evaluating the FIs financial data, internal policies and procedures, and the institutions’ performance in terms of achieving the strategic goals and objectives set by their BODs. The department also ensures ongoing compliance with the QCB instructions and the disclosure of any violations and breaches. Additionally, The Other FIs Supervision Department is responsible for developing and formulating regulatory instructions and guidelines, as well as, reviewing and updating them regularly to enhance the safety of the FIs in accordance with prevailing laws and in line with the best international standards and practices.
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The FinTech Supervision Department is tasked with regulating QCB licensed FinTech companies. Its responsibilities include issuing policies and regulations governing the services provided by FinTech companies, and updating them as necessary. One of the Department’s primary roles is conducting onsite and offsite inspections to ensure that companies comply with all regulatory instructions of QCB, monitoring and documenting violations. Additionally, the Department is responsible for analyzing the FinTech companies’ financial data, and issuing periodic reports accordingly. Furthermore, the Department maintains ongoing collaboration with licensed FinTech companies, receiving and reviewing their requests and responding to them.
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The Financial crime compliance department has the responsibility to monitor and mitigate financial crimes risks facing the FIs subject to the supervision of QCB. The Department carries out supervisory activities including (but not limited to) offsite and onsite supervision to ensure compliance of the sectors and FIs as per the obligations under the AML/ CFT Law and the QCB Instructions and in line with the international standards provided by FATF and other international bodies.
The Department shall be responsible for devising an RBS strategy that contains a plan for money laundering, financing terrorism, proliferation financing and other financial crimes risks supervision. The plan must ensure that the administrative burden, which includes the frequency, coverage and scope of the supervision activities, is determined based on the results of the risk assessment exercise.
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Licensing Department is responsible for issuing licenses to financial institutions to operate in the State of Qatar. Department evaluate, study and process applications to ensure that the applicants meet all the key requirements. Department ensures that the various activities requested by the Financial Institutions to perform are in line with the law & regulations and also according to the public interest requirements and the national economy need.
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