• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Regulation

Qatari regulator issues Guardian WM with $1m fine

Qatari regulator issues Guardian WM with $1m fine
  • Christopher Copper-Ind
  • @intlinvestment
  • 24 April 2018
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Guardian Wealth Management Qatar (GWM) has been fined $1m plus costs by the Qatar Financial Centre Regulatory Authority, in a development that GWM says stems from the firm’s decision to leave the Gulf state in 2015.

Joint chief executive David Howell of Guardian Wealth Management Qatar said in a statement issued today: “We are disappointed at the treatment of GWMQ since its decision to cease its operation and the toll and effect that the QFCRA’s drawn out and protracted investigation process has had on the company and on the principals”.

Related articles

  • Qatar financial regulator fines and bans directors of Guardian Wealth
  • Former Guardian WM chief fined $50,000 in Qatar
  • Guardian WM is reborn as Skybound WM
  • Qatar sees 69% growth in number of registered companies

Seeking to defend GWM’s record, Howell said the company has “always maintained a good, respectful and professional working relationship with our regulators and supervisors at the [QFC] Regulatory Authority.”

QFCRA’s “disciplinary action” against GWM Qatar, currently in liquidation, was imposed for “contraventions to anti-money laundering/combating the financing of terrorism,” with additional penalties for “general regulatory contraventions.”

‘Disproportionate financial penalty’
Howell, who described the fine as a “disproportionate financial penalty,” defended the company’s record in Doha: “Of particular note is that the number of findings in each respective Risk Assessment Visit averaged between four to five, with the maximum being six findings in April 2013, and not one resulted in any financial penalty of any kind.”

“Following a particularly challenging operating environment in 2015 as well as other factors beyond our control, in December 2015, the Board of GWMQ having made the difficult decision, advised the QFCRA of our strategic decision to wind up our operations [in Qatar].”

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Regulation
  • Wealth management
  • Middle East
  • Guardian Wealth Management
  • Qatar

More on Regulation

FSCS warns industry of £1bn compensation bill

  • Regulation
  • 22 January 2021
Malaysia's Labuan IBFC partners with RAM Ratings agency

  • Regulation
  • 22 January 2021
Nucleus launches low-cost managed portfolio service

  • Wealth management
  • 21 January 2021
Lombard Int'l Assurance expands wealth planning solutions to Greek tax residents

  • Wealth management
  • 21 January 2021
Dubai regulator to develop cryptocurrency framework

  • Regulation
  • 21 January 2021
Back to Top

Most read

Duff & Phelps opens Gibraltar office
Duff & Phelps opens Gibraltar office
Brexit deals hefty blow to City but industry is ready to fight back
Brexit deals hefty blow to City but industry is ready to fight back
Comment: Are cryptocurrencies the new gold?
Comment: Are cryptocurrencies the new gold?
FSCS warns industry of £1bn compensation bill
FSCS warns industry of £1bn compensation bill
Dubai regulator to develop cryptocurrency framework
Dubai regulator to develop cryptocurrency framework
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading