Qatar watchdog slaps IFS with $100,000 fine

Pedro Gonçalves
clock • 1 min read

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 underta...

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