Qatar-based IFS has been fined $100,000 by the country's regulator over anti-money laundering failures.
The QFC Regulatory Authority said in a statement that between the period May 2016 to January 2018, IFS "had failed to implement properly the policies, procedures, systems and controls ("PPSC") required" under the anti-money laundering and combatting terrorist financing (AML/CFT) rules.
Among the breaches were:
- Failing to establish and maintain the required internal PPSC to prevent money laundering and terrorist financing;
- Failing to appoint an independent person to undertake a review of the AML/CFT framework and test compliance of its PPSC with the AML/CFTR;
- Failing to maintain and provide documentary evidence of its compliance with the AML/CFT Law and AML/CFTR; and
- Failing to 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.
The watchdog notes however that it "did not identify instances of illicit finance during its investigation" and that IFS has taken steps to address the issues identified.
International Financial Services will also have to pay for the costs of the investigation.
Subscribe to International Investment's free, twice-daily, newsletter
