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 Services Regulations, it said in the statement on 5 June.
Following its disciplinary action against the firm, the QFCRA commenced an investigation into the role played by its Directors in the firm's contraventions. As a result, the QFCRA took disciplinary action against two Directors of HCW for their failures in operating HCW.
Mr Patrick Baeriswyl who held the senior executive function of HCW was fined QAR 728,000 (USD 200,000) and Mr Jean Marc Mantegani, who was also the Money Laundering Reporting Officer(MLRO) of HCW, was fined QAR 1,092,606 (USD 300,000).
In addition, both Mr Baeriswyl and Mr Mantegani were prohibited from carrying out any functions for firms in the Qatar Financial Centre (QFC) indefinitely.
The QFCRA further said its action against Mr Baeriswyl and Mr Mantegani, emphasises the standards required of a licensed firm and its senior management to ensure effective compliance with QFCRA rules, including those rules required to ensure that firms have effective systems and controls in place to combat illicit finance.
Both Mr Baeriswyl and Mr Mantegani appealed the QFCRA's decision to impose financial penalties and a prohibition. The QFC Regulatory Tribunal upheld the financial penalties and the prohibition imposed by the QFCRA and dismissed their appeals.
The Tribunal's decision is subject to appeal to the Appellate Division of the QFC Court.
