Assistant Undersecretary for Commerce Affairs at MoCI Saleh Abdullah Al Mana and Head of the Qatar Financial Information Unit Sheikh Abdullah bin Hamad bin Mubarak Al Thani during the signing.
Doha, Qatar: The Ministry of Commerce and Industry (MoCI) and the Qatar Financial Information Unit (QFIU) signed a mechanism to regulate the registration of reporting entities supervised by the Ministry of Commerce and Industry on the “Ekhtar” platform. This comes as part of efforts to strengthen cooperation between both sides and enhance the efficiency of electronic reporting procedures for suspicious transactions.
The mechanism was signed by Saleh Abdullah Al Mana, Assistant Undersecretary for Commerce Affairs at the Ministry of Commerce and Industry, and Sheikh Abdullah bin Hamad bin Mubarak Al Thani, Head of the Qatar Financial Information Unit.
The mechanism aims to regulate the roles of the Ministry of Commerce and Industry and QFIU in relation to the registration procedures for reporting entities supervised by the Ministry on “Ekhtar,” the electronic platform used to receive Suspicious Transaction Reports (STRs). It also defines the responsibilities of both parties in registering reporting entities on the platform, thereby enhancing reporting effectiveness and strengthening coordination and data exchange between the two sides.
Under the mechanism, the Ministry of Commerce and Industry will periodically share with QFIU the approved data of Compliance Officers and Deputy Compliance Officers, as well as any updates to this data. QFIU will create accounts for the Compliance Officers and their deputies on the “Ekhtar” platform and notify them electronically to complete the registration procedures.
The mechanism also requires entities supervised by the Ministry to complete the registration procedures and activate their accounts on the platform within three working days of receiving the activation link. Reminder notifications will be sent if the required procedures are not completed within the specified timeframe, while the prescribed administrative and financial penalties will apply in cases of non-compliance with activation requirements.
The mechanism further regulates the procedures for updating the data of Compliance Officers and Deputy Compliance Officers. The Ministry will require the entities under its supervision to update their data immediately upon any change through the Ministry’s questionnaire platform, ensuring data accuracy and continuous updates.
It also provides for enhanced coordination and follow-up between both sides through the periodic exchange of registration and activation data, as well as semi-annual reviews of data related to entities registered with both parties to verify its accuracy and ensure it remains up to date.
The Ministry of Commerce and Industry affirmed its continued cooperation with and full support for the Qatar Financial Information Unit to enhance the level and quality of reporting activity among the entities under its supervision.
This will contribute to developing the electronic reporting mechanism for suspicious transactions and support the State of Qatar’s preparations for the upcoming mutual evaluation process by the Financial Action Task Force (FATF).
