As new leadership gives way to change, it has taken a British national to put the house in order, in International Financial Services (Qatar).
According to confirmed media reports, the Qatar Financial Centre Regulatory Authority has imposed a financial penalty on over IFS Qatar for anti-money laundering breaches.
IFSQ will now have to pay $100,000 (£80,300/€89,000) plus unspecified “reasonable costs” incurred during the regulator’s investigation.
This was confirmed by the newly appointed chief executive Aycan Richards as she categorically stated how the fine ‘relates to a historical issue’ and that she is committed to ‘getting the house in order as it moves forward under my leadership.’
Richards joined IFS as a senior financial adviser in March 2019 and stepped up to the job in July. She has moved up the ladder in Qatar from Guardian Wealth Management, before moving to Bloomsbury Services and Consultancy in May 2016.
There is no denying that between May 2016 and January 2018, IFS continued to fail to implement properly the policies, procedures, systems, and controls required under the anti-money laundering to effectively combat terrorist financing breaching the AML/CFT rules.
IFS has also failed to “establish and maintain the required internal PPSC to prevent money laundering and terrorist financing, appoint an independent person to undertake a review of the AML/CFT framework and test compliance of its PPSC with the AML/CFTR, maintain and provide documentary evidence of its compliance with the AML/CFT Law and AML/CFTR; and deal with the Regulatory Authority in an open and cooperative manner during the AML/CFT supervisory process and keep the Regulatory Authority informed properly of anything relating to IFSQ, which the Regulatory Authority would reasonably expect notice.”