Horizon Crescent Wealth has been hit with a QAR30m (£6.6m, $8.2m, €7.4m) fine by the Qatar Financial Centre Regulatory Authority (QFCRA).
The firm was set up in the Qatar Financial Centre in 2015 as a trust administrator.
The investigation also uncovered that Horizon “held itself out as engaging in asset management”, which does require authorisation from the regulator.
It also provided “false, misleading or deceptive information” to the QFCRA during the course of its investigation.
This resulted in the staggering fine of QAR30m, plus QAR830,024 to cover the regulator’s costs.
The fine was approved by the Qatar International Court and Dispute Resolution Centre on 9 March after Horizon, which rejected all of the allegations, appealed twice.
Michael Ryan, chief executive of the QFCRA, welcomed the decision: “Compliance with AML/CFT rules and regulations are essential to protect the reputation of the QFC.
“The action taken emphasises the importance that the QFC and the State of Qatar places on protecting the financial system from illicit finance, and underscores the fact that firms and individuals that do not comply fully with the relevant laws and regulations will be subject to significant consequences.”
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