26th January 2021
On Tuesday, the International Chamber of Commerce Qatar (ICC Qatar) in collaboration with Refinitiv, held a webinar on ‘AML & Third-Party Risk Compliance in the Corporate & Financial Sectors in Qatar’.
The webinar was comprised of keynote presentations from Mr. Mohamed Daoud, Global Expert and Advisor in Financial Crime Compliance, CompliRight UK and Mr. Thibault Pinson, Solutions Consultant and Enhance Due Diligence Specialist, Refinitiv.
The webinar highlighted; the potential risk that arises from corporate and financial organizations 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.
Mr. Mohamed Daoud delivered the first session of the webinar. Addressing the participants, he stated: “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”.
The second session was delivered by Mr. Thibault Pinson. He added “In addition to the Compliance requirements, with the Covid-19 outbreak, many businesses facing supply chain disruptions acknowledged their overreliance on few providers and vendors. As companies look to further diversify their sourcing strategy towards new jurisdictions, companies should ensure an adequate level of due diligence is applied to prospective partners to protect their business from reputational risks and secure business continuity.”
HE Sheikha Tamader Al-Thani, Director of International Relations and Chamber Affairs of Qatar Chamber and ICC Qatar, thanked the attendees for their engagement and the speakers for offering valuable insights on the topic of the webinar.
HE Sheikha Tamader Al-Thani reinforced the importance of being cognizant of the legitimacy of third-party businesses and how they are operating. “Fortunately, there is a surplus of watchlists which could be used to determine the legitimacy of third-parties’ business activities to prevent hurting the reputation of your business”.
HE Sheikha Tamader Al-Thani encouraged the private sector to take preventative measures and underscored that “it is essential to prioritize due diligence and not underplay its importance”.
About International Chamber of Commerce Qatar (ICC Qatar)
The International Chamber of Commerce (ICC) Qatar, a national committee of the Paris-based ICC, represents a growing number of Qatari-based businesses, as well as, local and foreign business chambers and key national associations of the business sector.
It was established more than twenty years ago to promote the Qatari business community’s interests in areas such as trade, investment and international relations. Furthermore, to help cultivate an environment conducive to foreign investments and enable Qatari businesses to be more involved with the global economy.
On a national level, ICC Qatar serves as a bridge between businesses and the government to drive a business-friendly environment. Internationally, we represent the business community at bilateral, regional and multilateral forums to promote trade expansion and business networking.
Since its establishment, the ICC Qatar worked to disseminate the ICC’s values and principles among the local business community. The UN’s Global Goals for Sustainable Development are at the heart of the five ICC campaigns that streamlines our work to ensure sustainable development. That is how we make business work for everyone, every day, everywhere.
About Refinitiv:
Refinitiv is one of the world’s largest providers of financial markets data, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms that connect a thriving global financial markets community. For regulatory compliance, Refinitiv have World-Check, a Risk Intelligence database developed by hundreds of specialist researchers and analysts across the globe that collate intelligent information from reliable and reputable sources such as global watch lists, government records, and media that delivers accurate and reliable information to help organizations make informed decisions related to AML / CFT.
About CompliRight:
CompliRight is a new regional Governance, Risk & Compliance advisory services provider whose aim is to focus on the “Why” behind the national and international regulations and recommendations. CompliRight is specialized in thought leadership awareness collaborative approach. We strive in sharing in-depth experience and expertise that allow to effectively demystify complex issues by identifying the connections between frameworks, processes, people and technology.
