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Judgments

PATRICK BAERISWYL v QATAR FINANCIAL CENTRE REGULATORY AUTHORITY

Regulatory Tribunal
RTFIC0004/2023
Neutral Citation
[2023] QIC (RT) 2
Date
17 May 2023
Status
Keywords
Regulatory Tribunal
Anti Money Laundering
Counter financing of terrorism
Anti-Money Laundering and Combating Terrorist Financing Rules 2010
MLROs
Customer due diligence
Judges
Sir William Blair
Sean Hagan
Dr. Muna Al-Marzouqi
Summary

The text describes an appeal case before the Qatar Financial Centre Regulatory Tribunal involving Patrick Baeriswyl and the Qatar Financial Centre Regulatory Authority. Baeriswyl appealed a decision that imposed a QAR 728,000 fine and an indefinite prohibition from performing functions in the Qatar Financial Centre for failing to meet Anti-Money Laundering and Counter Financing of Terrorism requirements. The Tribunal found Baeriswyl responsible as the Senior Executive Function and Director of Horizon Crescent Wealth LLC, concluding he did not ensure proper AML/CFT policies and failed to appoint a qualified MLRO, thereby upholding the Respondent’s decision.

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Judges

  • Sir William Blair

    England

  • Sean Hagan

    United States

  • Dr. Muna Al-Marzouqi

    Qatar

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