Qatar launches a platform to monitor human understanding of financial crime
Qatar launches a platform to monitor human understanding of financial crime

The Qatar Regulatory Authority announces good news to all citizens and residents of Qatar


n light of the government's keenness in Qatar to increase the value of the state, the Qatar Communications Authority is striving to raise the efficiency of dealing with Ketology. Terrorism finances.

Simon Cohen, CEO of CISI, said the project is necessary to ensure "sound training and competency standards for those working in financial services in the Qatari capital market."

Cohen added that the online platform will ensure access for people working remotely due to restrictions during the coronavirus pandemic. “Due to the Covid-19 restrictions, many employees are working from home,” he said. "Employers around the world have tested how effective online systems are in productivity, with particular benefits for the e-learning process."

 Natural language is used to replace manual labor. Machines can read many more articles than humans and can automate anti-money laundering operations.

By monitoring the level of understanding of financial crime, banks and other financial services institutions can ensure that investments in technology are not wasted to uncover potential criminal activity through human misunderstanding.

Banks face heavy fines if money laundering is detected on their networks. For example, in the Netherlands, ING was fined 775 million euros in 2018 after the regulator said the bank had failed to prevent the laundering of hundreds of millions of euros between 2010 and 2016.

And in 2017, Citigroup agreed to pay close to $ 100 million and admitted to committing criminal violations as it settled an investigation into violations of anti-money laundering rules involving money transfers between the United States and Mexico. That same year, Deutsche Bank was fined $ 650 million by British and American authorities for allowing wealthy clients to move $ 10 billion outside Russia.

Nasser Ahmed Al Shaibi, CEO of the Qatar Financial Markets Authority, said that the digital platform will spread knowledge about combating money laundering and terrorist financing.

“The Qatar Financial Markets Authority attaches great importance to the educational and awareness aspect for professionals in the capital market, and for those interested and interested in Qatar, especially with regard to combating money laundering and terrorist financing, given its main role in ensuring the continuous development of the financial sector and protecting investors,” he said.