In an effort to promote integrity, The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in, and from the Dubai International Finance Centre (DIFC), has taken eight enforcement actions and issued 24 alerts to individuals and firms this year.
These actions targeted individuals and entities that undertook unauthorised financial services activities, misled investors, failed to comply with anti-money laundering obligations, and misled the DFSA or obstructed investigations – compromising the integrity of the DIFC financial services sector.
The enforcement effort supports the DFSA’s commitment to safeguarding the integrity of financial services within the DIFC. The company uses a regulatory framework to ensure accountability, transparency and compliance, helping to create a secure and trustworthy financial services industry that aligns with the highest international standards.
“These actions underscore the DFSA’s steadfast commitment to upholding the highest regulatory standards in the DIFC”, said Patrick Meaney, Managing Director, Head of Enforcement of the DFSA. “The true value of enforcement is its ability to deter wrongdoing and foster compliance.”
“By taking decisive action against misconduct, we send a clear message that non-compliance will not be tolerated. these measures are critical to protecting investors, customers and the public, while safeguarding the integrity of financial services within the DIFC.”
Overall, these actions resulted in fines exceeding $2.5 million, including $1.3 million imposed on individuals, and $1.2 million on firms. Three individuals were restricted and prohibited from operating within the DIFC, and the DFSA accepted an Enforceable Undertaking from another firm, committing it to take agreed remedial actions.
