DOHA: The Qatar Financial Centre Regulatory Authority (QFCRA) has barred a former employee of QFC-registered international bank from taking up jobs in any QFC-licensed company as part of a disciplinary action.
QFCRA has issued a statement prohibiting Helen Rebecca Deane from performing any controlled function for any QFC Authorised firm as she was found guilty of providing false and misleading information deliberately to the Regulatory Authority.
What is surprising is that the Regulatory Authority has named the allegedly erring employee publicly.
Michael Ryan, CEO of the QFC Regulatory Authority said: “The action taken by the QFC Regulatory Authority reinforces the high professional standards required of employees in the QFC, who must act with integrity and honesty at all times.”
“As the person approved to perform the Compliance Oversight and Money Laundering Reporting Officer (MLRO) controlled functions for her employer, Ms Deane was required to have certain regulatory qualifications. She misled the QFC Regulatory Authority by representing that she had successfully met those requirements when in fact she had not and when asked to provide evidence that she had obtained the qualifications, Ms Deane provided false and misleading information,” said the statement.
The QFC Regulatory Authority has censured Deane under Article 58 of the Financial Services Regulations because she deliberately provided false details to the Regulatory Authority; and concealed information which misled or deceived the Regulatory Authority.
Further, as an approved individual who was subject to the Principles of Conduct for Approved Individuals, Deane committed contraventions in that she failed to act with integrity; and failed to deal with the QFC Regulatory Authority to provide information of which the Regulatory Authority would reasonably expect notice.
The Peninsula
