QFC: corporate life-insurance onboarding
Corporate life-policy onboarding in QFC: 20% ownership, beneficiary verification and the specific PEP payout rules.
QFC · Life insurers · QFCRA
Corporate policyholders · Life insurance: AML/CDD review
By Matthew Lee
Obtain the company policyholder's registration, business details and ownership information under AML/CFTR. The Qatar registry guide distinguishes QFC and mainland records. Verify the representative and purchase mandate.
Company ownership and premiums
AML/CFTR 1.3.5 includes individuals owning or controlling at least 20% of shares or voting rights and those otherwise controlling management. Obtain the relevant shareholder and control records.
Record the insured person, premium payer and purpose of the cover. Obtain financing and assignment terms where a lender receives policy rights, and evidence explaining third-party premiums.
Beneficiaries under rules 4.3.10–11
Record the name of an identified beneficiary, or enough information about a class or description to establish identity at payout. Verify each beneficiary at payout. Higher-risk corporate beneficiaries require the rule's additional beneficial-owner checks.
Before payout, rule 4.3.11 requires reasonable measures to determine whether the beneficiary or its beneficial owner is a PEP. If that PEP presents higher risk, inform senior management, conduct enhanced CDD of the policyholder relationship and submit an STR to the FIU as the rule requires.
Review assignments, beneficiary amendments and surrender requests against current policy rights. Obtain evidence of any new recipient's entitlement and confirm authority for the instruction before payment.