The Qatar Financial Center Authority announced yesterday that it issued a public reprimand on June 7 against Siscontec Consulting for failing to comply with General Rules No. 8A.9 and 8A.12 of the Qatar Financial Center Authority, and the investigation conducted by the QFC Authority revealed That the company has violated two clauses of the provisions of the rules in force with the Authority under Part (5) of the QFC Authority laws, especially: the company’s failure to provide information to the company registration office about the ultimate beneficial owners, members of the company’s board of directors and managers (if any), and failure to Comply with what is stated in the written notification and provide the Authority with documents and information about the ultimate beneficial owners, members of the Board of Directors and shareholders of the company.
As is the case with all investigations conducted by the QFCA, the authority takes into account, among other things, the possibility of imposing a fine. While the QFC Authority considers these violations to be material and usually calls for the imposition of a fine, it has decided that issuing a public reprimand would be reasonable in this case after considering all the relevant circumstances, which are: There is no indication that the company has made profits or It avoided losses as a result of these violations; There are indications that the company is no longer operating, so imposing a fine is unlikely to be viable. This will be a sufficient deterrent for other companies in the QFC to commit any violations to avoid publicly announcing their names for non-compliance with AML / CFT rules, and will help raise awareness among members of the QFC business community of the importance of adhering to the rules against money laundering and terrorist financing.
Raed Al-Emadi, Chief Commercial Officer at the Qatar Financial Center Authority, said: “General Rules No. (8A) relates to determining the ownership of beneficiaries (or ultimate ownership) of companies, and it is an important tool to mitigate money laundering and terrorist financing risks in licensed companies. So it is a matter. Of great importance, but given the exceptional circumstances in this case, issuing a public reprimand will be the appropriate and optimal procedure. Authorized companies have a simple but very important responsibility, which is to provide the company registration office with information about the ownership of the beneficiaries (or final ownership), and members The board of directors and shareholders of the company, and the authority will take the necessary measures to ensure that this is achieved. “