QFC Authority imposes public censure against Time International

Doha: Qatar Financial Centre (QFC) Authority announced that it imposed a public censure on Time International LLC (“the Firm”) for contravening a Relevant Requirement pursuant to Compliance and Enforcement Rule (“CER”) 6.1.1(A) of the QFCA Rules. 

On January 19, 2021, QFC Authority issued a written requirement under CER Rule 3.1.1 for the Firm to produce specified information in two Ultimate Beneficial Ownership Forms, in order to obtain information concerning Beneficial Ownership, Nominee and Corporate Director, and Nominee Shareholder. However, the required information was not forthcoming despite reminders sent by email. 

Failing to comply with a QFCA requirement is a contravention of a Relevant Requirement. As with all enforcement investigations, QFC Authority considers, among other things, the impact of the imposition of a financial penalty. Whilst QFC Authority considered the contravention to be serious because it concerned a Money Laundering / Terrorist Financing (“ML / TF”) vulnerability, QFC Authority considered a public censure was reasonable considering all the relevant circumstances. This is a serious matter, but exceptional circumstances mean a public censure is the appropriate and proportionate response.

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