After the recent imposition of financial penalties on Horizon Crescent Wealth LLC (HCW) for failing to comply with the Anti-Money Laundering and Combating Terrorist Financing Rules 2010 (AML/CFTR), Qatar Financial Centre Authority (QFCA) also said that it has fined the company over QAR1 million for contraventions of provisions of the QFCA Rules.
HCW is a QFC firm licensed to perform Administration of Trusts, and as such is required to comply with its legal obligations following the QFCA Rules.
HCW failed to comply with the General Rules and Licensed Firm Assets Rules of the QFCA in handling client money. HCW’s contraventions were documented in an investigation undertaken by the Monitoring and Enforcement Department between March and June 2018.
Consequently, the QFCA also issued a Decision Notice in October 2019 and imposed a financial penalty of over QAR1 million on HCW.
HCW appealed this decision to the QFC Regulatory Tribunal. The Tribunal dismissed the appeal on 9 March and upheld the decision of the QFC Authority. HCW may still appeal the Regulatory Tribunal’s decision within the applicable deadline.
