The Qatar’s Ministry of Commerce and Industry (MOCI) and the Qatar Financial Information Unit (QFIU) have signed a mechanism to regulate the registration of entities supervised by the ministry on the ‘Ekhtar’ platform, strengthening cooperation and improving the efficiency of electronic suspicious transaction reporting.
The mechanism was signed by MOCI Assistant Undersecretary for Commerce Affairs Saleh Abdullah Al Mannai and QFIU Head Sheikh Abdullah bin Hamad bin Mubarak Al-Thani. The ministry stated that the mechanism aims to define the responsibilities of both parties in registering reporting entities on the ‘Ekhtar’ platform, which receives electronic suspicious transaction reports, while enhancing coordination and data exchange.
Under the agreement, Qatar MOCI will provide QFIU with details of approved reporting officers and their deputies, including any updates. QFIU will create user accounts on the platform and notify users electronically to complete registration procedures.
The mechanism requires supervised entities to register and activate their accounts within three working days of receiving the activation link. Reminder notifications will be issued for incomplete registrations, while administrative and financial penalties may be imposed for non-compliance.
It also outlines procedures for updating the information of reporting officers and their deputies, requiring entities to promptly update their details through the ministry’s survey platform whenever changes occur.
The mechanism includes enhanced coordination through the regular exchange of registration and activation data, as well as semi-annual reviews to verify and update information related to registered entities.
The ministry affirmed its continued cooperation and full support for QFIU to improve reporting standards among entities under its supervision. The initiative is expected to strengthen electronic suspicious transaction reporting and support Qatar’s preparations for the upcoming mutual evaluation by the Financial Action Task Force (FATF).
