The International Chamber of Commerce Qatar (ICC Qatar) in collaboration with Refinitiv, recently held a webinar on ‘AML & Third-Party Risk Compliance in the Corporate & Financial Sectors in Qatar’.
The webinar featured keynote presentations from Mohamed Daoud, Global Expert and Advisor in Financial Crime Compliance at CompliRight UK and Thibault Pinson, Solutions Consultant and Enhance Due Diligence Specialist at Refinitiv.
Duing the event, the speakers highlighted the potential risk that arises from corporate and financial organisations relying on third parties to perform different services on their behalf; requirements of due diligence regulatory compliance, and ways to effectively manage this escalating and inherent reputation risk posed by third-party relationships. The virtual event was attended by bank representatives, legal experts, and many private companies, including insurance companies and exchange firms.
Addressing the participants, Daoud said: “Today, the use of a third-party is a common business practice, where financial institutions and companies that delegate part of their own work are required to truly know and screen these suppliers, vendors, agents, distributors and other business counterparties. This is mainly to avoid the association with those who could be sanctioned or involved in potential money laundering, bribery, corruption, terrorism financing, modern-day slavery and environmental crime, to name a few. Thus, Know Your Customer (KYC) or your third-party, performing sanctions screening and subscribing to an Enhanced Due Diligence (EDD) services has become an upmost requirement”.
