The QFC Regulatory Authority announced yesterday that it had taken disciplinary action against the former CEO of Guardian Wealth Management LLC (in liquidation) for misconduct, and imposed a financial penalty and a three-year prohibition from carrying out a controlled function in the Qatar Financial Centre (QFC).
Russell was the CEO and approved individual in the Senior Executive Function and Executive Governance Function for GWMQ.
The financial penalty and prohibition followed the completion of an investigation, which found that Russell’s conduct fell below the standard of conduct required of a senior manager under the Regulatory Authority’s rules, the Regulatory Authority said in a statement.
Russell appealed the Regulatory Authority’s decision to impose a financial penalty of $50,000 and a three-year prohibition from carrying out a controlled function in the QFC.
The QFC Regulatory Tribunal (the “Tribunal”) dismissed Russells appeal and upheld the action taken by the Regulatory Authority.
The Tribunal noted that the financial penalty and prohibition imposed by the Regulatory Authority was appropriate given Russell’s conduct but, given certain reasons, the Tribunal commuted the financial penalty.
The Regulatory Authority took disciplinary action against GWMQ, an insurance intermediary, and fined the firm QR3,592,000 for contraventions relating to compliance with the implementation of its Anti-Money Laundering and Combating Terrorist Financing (AML/CFT) policies, procedures, systems and controls and AML/CFT programme as required by the AML/CFT Rules 2010 and other issues of regulatory compliance.

QIIG, Allianz International enter into  health insurance agreement
Qatar Islamic Insurance Group and Allianz International have entered into an exclusive health insurance agreement.
This partnership would enable Qatar Islamic Insurance to provide faster service to its customers in Qatar and abroad, the company said in a regulatory filing with the Qatar Stock Exchange. The agreement was signed on Sunday via remote communication due to the Covid-19 related precautions. The insurance company had reported net profit of QR42.49mn on total revenues of QR61.06mn, translating as earnings-per-share of QR0.28 at the end of six months ended June 30, 2020.

Ooredoo Kuwait gets a new CEO
Ooredoo has announced the appointment of Abdulaziz Yacoub al-Babtain as chief executive officer of Ooredoo Kuwait.
Al-Babtain has more than 20 years of professional experience in telecommunications, technology and sales.
He is currently chief business officer of Ooredoo Kuwait and has achieved substantial growth over the years, as well as successfully led the restructure of the company’s B2B department.
Prior to joining Ooredoo, Al-Babtain was chief operating officer at FASTtelco.