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Qatar: QFCRA agrees to settlement of $100,000 with International Financial Services for AML/CFT failures
The Qatar Financial Centre Regulatory Authority ('QFCRA') announced, on 14 July 2019, that it had agreed a settlement, including a fine of $100,000, with International Financial Services (Qatar) LLC for anti-money laundering and combating the financing of terrorism ('AML/CFT') failures. In particular, the QFCRA highlighted that International Financial Services had failed to establish and maintain adequate AML/CFT policies, procedures, systems, and control, for failing to appoint an independent reviewer of its AML/CFT framework, and for failing to document its AML/CFT compliance measures. In addition, the QFCRA noted that although International Financial Services had not acted in an open and cooperative manner during its investigation, it did not identify instances of illicit finance.
You can read the press release here.
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