Upon receiving the disciplinary sanctions, both Baeriswyl and Mantegani appealed the QFCRA’s decision to impose financial penalties and prohibition.
The QFC Regulatory Authority (QFCRA) has imposed disciplinary sanctions on two Directors of Horizon Crescent Wealth LLC (HCW) citing violations pertaining to the Anti-Money Laundering and Combating Terrorist Financing Rules of 2010
Patrick Baeriswyl and Jean Marc Mantegani were fined QAR 728,000 and QAR 1,092,606 respectively, and were indefinitely banned from holding any responsibilities within firms operating within the Qatar Financial Centre (QFC).
The regulatory action follows a 2019 incident in which the QFCRA penalised HCW, a licensed Trust Administrator and a recognised non-financial business or profession with a hefty fine of QAR 30,000,000.
The QFCRA’s action came as a result of HCW’s severe violations.
Post the 2019 sanctions against HCW, the QFCRA delved deeper into the role of the Directors of the company in the contraventions.
Subsequent investigations led to the disciplinary actions against Baeriswyl, who held the firm’s senior executive position, and Mantegani, the company’s Money Laundering Reporting Officer (MLRO).
“The action taken by the QFCRA 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,” QFCRA said in a statement.
Both Baeriswyl and Mantegani appealed the QFCRA’s decision to impose financial penalties and prohibition after receiving the disciplinary sanctions, the statement added.
However, the QFC Regulatory Tribunal supported the QFCRA’s sanctions and dismissed their appeals, upholding both the fines and the ban.
The decision is subject to appeal to the Appellate Division of the QFC Court.