What are the licensing and AML compliance requirements for offering consumer financial advisory services in Qatar under QCB rules?

Question

I'm planning to start a Doha-based financial advisory business focusing on savings and investment products. Do I need a Qatar Central Bank license to provide financial advice, and what AML/CTF and customer due diligence requirements will apply from day one? Also, are there ongoing reporting or minimum capital requirements I should prepare for?

Abdullah AlAthbah &amp; Associates for Advocacy · Accepted Answer

• Entity: Shareholding co.; physical presence; no shells; foreign: 10+ yrs exp., home approval.

• Fit & Proper: Owners/managers: degree + 8-12 yrs exp., no fraud/bankruptcy in 10 yrs.

• Business Plan: 3-yr projections, controls; avoid market saturation.

• Governance: Org charts, no relatives; QCB approves key hires.

• Ownership: Max 10% per entity; report ≥5%.

• Capital: QAR 2M (national), 5M (foreign); Basel ratios.

• Application: Preliminary meetings; submit form/docs; 60-day process; fees QAR 15K app, 50K annual.

• Ongoing: Annual updates; financial reports; audits; penalties up to QAR 500K/revocation.

AML Compliance (QCB)

• Framework: 2020 Instructions; risk-based, FATF-aligned.

• Risk Assessment: Annual on customers/products; mitigate high risks (PEPs, high-risk countries).

• CDD: Verify IDs/owners/purpose; enhanced for high-risk; ongoing monitoring; terminate if incomplete.

• Reporting: STRs to FIU promptly; no tipping-off; annual internal reports.

• Records: 10+ yrs retention.

• Training: Annual staff programs; screening.

• Penalties: Up to QAR 500K, jail, license loss.

Abdullah AlAthbah &amp; Associates for Advocacy · Answer