The International Chamber of Commerce Qatar (ICC Qatar), in association with global financial market data provider Refinitiv, conducted a webinar on ‘AML & Third-Party Risk Compliance in the Corporate & Financial Sectors in Qatar.’
The webinar had keynote presentations from Mohamed Daoud, global expert and adviser in UK-based financial crime compliance, CompliRight and Thibault Pinson, Solutions consultant and Enhance Due Diligence specialist, Refinitiv.
The webinar underscored the potential risk that rises from corporate and financial organizations depending on the third parties to conduct different services on their behalf, requirements of due diligence regulatory compliance and ways to effectively manage this escalating and inherent reputation risk posed by third-party relationships.
The online event had the participation of bank representatives, legal experts, and many private companies, including leading insurance companies and exchange firms.
“Today, the use of a third-party is a common business practice, where financial institutions and companies that delegate part of their own work are required to truly know and screen these suppliers, vendors, agents, distributors and other business counterparties to avoid the association with those who could be involved in potential money laundering, bribery, corruption and terrorism financing, to name a few. Thus, ‘Know Your Customer’ (KYC) or your third-party, performing sanctions screening and subscribing to an ‘Enhanced Due Diligence’ (EDD) services has become an utmost requirement.”
Mr. Pinson stated that “ With the COVID-19 outbreak, many businesses are facing supply chain disruptions acknowledged their overreliance on few providers and vendors. As companies look to further diversify their sourcing strategy towards new jurisdictions, companies should ensure an adequate level of due diligence is applied to prospective partners to protect their business from reputational risks and secure business continuity.”
Sheikha Tamader al-Thani, director of International Relations and Chamber Affairs of Qatar Chamber and ICC Qatar, expressed her gratitude towards the speakers for sharing their valuable insights and further stressed the importance of being cognizant of the legitimacy of third-party businesses and how they are operating.
“Fortunately, there is a surplus of watchlists, which could be used to determine the legitimacy of third-parties’ business activities to prevent hurting the reputation of your business,” said Ms. Sheikha Tamader.