Doha, Qatar, 20 July 2014: The QFC Regulatory Authority has decided to issue a public censure against Helen Rebecca Deane, a former employee of the QFC branch of an international bank and to prohibit her from performing any controlled function for any QFC Authorised Firm.  This action was taken because Ms Deane provided false and misleading information to the QFC Regulatory Authority.
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.  Ms Deane 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.
The QFC Regulatory Authority censures Ms Deane under Article 58 of the Financial Services Regulations because she deliberately:
  • provided false and misleading information 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, Ms 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 QFC Regulatory Authority would reasonably expect notice.
Mr 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.” 
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