Page 41 - Annual Report 2022 EN

/ 41 T ABLE OF C ONTENT S

Enforcement

Enforcement is a necessary component of an effective

regulatory regime. It enables the QFCRA to take
appropriate enforcement action where breaches of the

rules and regulations occur. The QFCRA has the requisite

powers to act swiftly, decisively, and in a manner that

is consistent with its stated policies and procedures,
to achieve an effective and proportionate outcome.

2022 Summary Statistics

• No investigations were commenced in 2022.
• Enforcement action was taken against four (4)

approved individuals and one (1) individual associated

with a Designated Non-Financial Business and

Profession (DNFBP) in 2022. For all individuals, both
a financial penalty and prohibition were imposed.