A regular round-up of compliance news, such as fines, permissions, new technology solutions to make tracking risks easier, and other developments.

Qatar

The QFC Regulatory Authority has fined International Financial Services (Qatar) $100,000 over breaking anti-money laundering and counter-terrorist financing laws.

The regulator said yesterday that it has agreed a settlement with the firm which had been originally authorised in July 2009 to carry out insurance mediation services from the Qatar Financial Centre.

An investigation found that from May 2016 until January 2018 the firm had not properly put in places processes and controls to combat laundered money.

The regulator added that it hadn’t identified actual cases of laundered money changing hands at the firm.

“IFSQ demonstrated a commitment to settle the matter, and undertook remedial steps to address the Regulatory Authority’s concerns. The settlement agreement resolves the matter to the satisfaction of the Regulatory Authority,” the authority added.