AML/CFT Policy

Doha Exchange Company has been incorporated in 1979. It is one of the oldest exchange companies within the State of Qatar, occupies a decent position in the industry of the Money Exchange and enjoys the trust and satisfaction of its customers continuously.

It owns five local branches in State of Qatar and the company doesn’t have any external branches. It offers services like Foreign Currency Exchange (buying and selling), Money transfer services and Receiving funds from abroad (Incoming). We, Doha Exchange Company work in connection with more than Thirty Banks and Financial Services Companies in various countries to facilitate these services.

Doha Exchange pays special attention on Anti-Money Laundering and Combating Financing of Terrorism. It has set a comprehensive AML & CFT policy and procedures, which has been approved by the Board of Directors and implemented accordingly. These policies and procedures comply with the relevant acts, orders & the Circulars of the appropriate regulators.

This policy statement is a brief description of general principles to which Doha Exchange will adhere to, as follows:

1. These are the Anti-Money Laundering (AML) Policy and Procedures adopted by Doha Exchange Co. in compliance with the Money Laundering, Terrorist Financing and Other Financial Crimes like Fraud, Scams, Corruption etc. in accordance with the Qatar Central Bank Law No 20 of 2019. The business will actively prevent and take measures to guard against being used as a medium for money laundering activities and terrorism financing activities and any other activity that facilitates money laundering or the funding of terrorist or criminal activities. To comply with applicable anti-money laundering and combating the financing of terrorism laws and regulations as established by the Qatar Central Bank.

2. To maintain a written AML and CFT policy and related procedures, and apply it across all the branches.

3. To obtain all identification details and necessary documents as required by the legislation.

4. To obtain necessary documents while conducting transactions which is not in customer financial means.

5. To apply the Risk Based Approach & Framework in dealing with the AML & CFT activities as per the set policies & procedures of the Exchange house.

6. To apply appropriate screening process while on boarding the customers.

7. To apply Enhanced due diligence for high-risk customers.

8. Doha Exchange will not conduct/facilitate business to/for with Shell Bank.

9. To retain all the customer related documents for a period specified as required by the regulations.

10. To monitor all the transactions systematically to identify the unusual activity and transactions following the set norms and using the technical tools, where applicable.

13. Report all identified unusual activities with the relevant authorities and to cooperate fully with law enforcement and regulatory authorities.

14. To train up the staff on AML & CFT policies and new AML & CFT laws and regulations.

15. To comply with the AML & CFT policies monitored through a combination of internal audit, external audit and regulatory reviews of compliance with relevant anti-money laundering legislation and/or regulations.

16. Doha Exchange doesn’t deal in Virtual and Crypto currencies.

We understand our responsibility as financial institution towards Anti Money laundering and we are committed to be strictly focused on all issues related to AML.