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Qatar: QFCRA fines Horizon Crescent Wealth QAR 30M for AML/CFT violations
The Qatar Financial Centre Regulatory Authority ('QFCRA') announced, on 29 March 2020, that it had fined Horizon Crescent Wealth LLC QAR 30 million (approx. €7.5 million) for violation of anti-money laundering and counter financing of terrorism ('AML/CFT') regulation. In particular, the QFCRA identified deficiencies in relation to Horizon Crescent Wealth's customer due diligence. In addition, the QFCRA outlined that, following Horizon Crescent Wealth's appeal of the enforcement action before the Regulatory Tribunal of the Qatar Financial Centre ('the Regulatory Tribunal'), the latter issued its decision in favour of the QFCRA.
You can read the press release here and the decision of the Regulatory Tribunal here.
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