The Qatar Financial Centre Regulatory Authority said the “enforceable undertaking” it has handed down follows an investigation which found RBS fell short of its standards.
In a statement the regulator said: “Although RBS QFC had a programme in place, it was deficient in a number of material respects and it fell short of the standards expected of authorised firms.”
The QFCRA said RBS had “cooperated fully” and had agreed to pay the costs of the now concluded investigation.
The Qatar Financial Centre was established in the country’s capital Doha in May 2005 as a hub for financial institutions, particularly foreign financial firms.
There are currently three financial intermediary firms established in the QFC, including Nexus, IFS and Guardian Wealth Management.
Regulations are tight in the QFC, with all advisers needing to hold degree standard qualification in order to provide advice.
The country has also made it difficult for companies attempting to do business outside the QFC without a licence, last year making it illegal for them to do so. At the time, local licensed brokers said it would stop other firms “tripping in” to conduct business.
