Qatar financial regulator fines and bans indefinitely two directors for AML breaches

Mark Battersby
clock • 2 min read

The Qatar Financial Centre Regulatory Authority (QFCRA) has fined and banned indefinitely two directors of Horizon Crescent Wealth LLC (HCW) for contraventions relating to the Anti-Money Laundering and Combating Terrorist Financing Rules 2010 (AML/CFTR). In 2019, the QFCRA said it took disciplinary action against HCW. HCW is licensed as a Trust Administrator and as such is a designated non-financial business or profession (DNFBP), subject to AML/CFTR. The QFCRA fined HCW QAR 30,000,000 for serious legal and regulatory breaches of the AML/CFTR, QFC Law No. 7 of 2005 and the Financial S...

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