QFC: corporate bank account opening
QFC bank account opening: 20% ownership, account controllers and corporate authority under QFCRA rules.
QFC · Banks · QFCRA
Corporate customers, including overseas companies · Account opening: AML/CDD review
By Matthew Lee
Obtain registration evidence, governing documents, addresses and management information. For a QFC company, use QFC registration records; the Qatar registry guide explains the separate mainland and QFC routes.
Owners and account controllers
AML/CFTR 1.3.5 includes individuals owning or controlling at least 20% of shares or voting rights, and those otherwise controlling corporate management. Account beneficial ownership also includes ultimate effective control and individuals whose instructions signatories follow.
Obtain shareholder records, intermediate-company evidence and agreements conferring control. Verify people acting for the company and their authority. Retain the mandate naming signatories and any person entitled to instruct them.
Complete the opening review
Record expected transactions, counterparties and funding. Request the investment, loan or commercial documents needed to substantiate the activity. Apply the AML/CFTR verification-timing rules and enhanced measures for relevant higher-risk cases.
Resolve sanctions findings and apply the required PEP approvals and funding checks before acceptance. Record the basis and controls for permitted exceptions or outstanding verification.
AML/CFTR 4.3.13 requires ongoing monitoring. Refresh ownership, authority and activity information after material changes and investigate transactions inconsistent with the recorded business.