Implications and penalties

In case any of these laws are not followed, it can result in major fines and penalties for a business. The following are the details on said penalties.

Article (44)

Notwithstanding more severe penalties stipulated by another law; in the event that a violation by an FI, DNFBPs, NPOs, or any of their directors, Board Members, executives or officials, of the provisions provided for by this Law, regulations, or any decisions or guidelines on AML/CFT, is established, Regulatory Authorities may take one or more of the following measures:

1. Give written warnings.

2. Issue an order for the production of reports of measures adopted.

3. Issue an order commanding compliance with specific instructions.

4. Impose a financial penalty on FIs and DNFBPs amounting to at least (QR25,000) twenty five thousand Qatari Riyals and not exceeding (QR100,000) one hundred thousand Qatar Riyals for each violation committed after warning.

5. Impose a financial penalty on FIs and DNFBPs in violation not exceeding (QR100,000,000) one hundred million Qatar Riyals.

6. Impose a financial penalty on the directors, Board Members, executives or officials in violation not exceeding (QR1,000,000,000) one million Qatar Riyals.

7. Limit powers of the directors, Board Members, executives or officials, in addition to appointment of a special administrative supervisor or subjecting FIs, DNFBPs or NPOs to direct control.

8. Ban violators from working in relevant sectors, on permanent or temporary basis.

9. Temporarily ban directors, Board Members, executives, officials, trustees and secretaries of NPOs from resuming activity, remove or replace them.

10. Suspension or restriction of licenses; prohibit continuation of work, practice of profession or activity; strike off name from registration.

11. Revoke or cancel license and Deregistration.

Article (82)

In case of willful violation or gross negligence of provisions stipulated in Articles (8), (9), (10) and (11). And (13), (14), (15), (16), (17), (18), (20) and (21) of this Law, chairpersons and members of the boards of directors of FIs and DNFBPS or their authorized representatives or employees shall be exposed to a penalty of imprisonment for a period not exceeding two years, or a fine not less than (QR5,000,000) five million riyals and not exceeding (QR10,000,000) ten million riyals, or one of these penalties.

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