DFSA fines Dubai financial firm Dh5 million for inadequate compliance systems, controls
- Date: 29-Dec-2023
- Source: Gulf News
- Sector:Financial Markets
- Country:UAE
DFSA fines Dubai financial firm Dh5 million for inadequate compliance systems, controls
The amount of the fine was reduced by almost half from $2,793,403 (Dh10,251,789). This was because, amongst other things, the company offered the DFSA an Enforceable Undertaking (EU) to remediate the failings and agreed to settle the matter. The DFSA also did not find any evidence that the company acted deliberately to contravene DFSA administered laws and rules.
Patrick Meaney, Head of Enforcement of the DFSA, said: “Authorised Firms must ensure that they have adequate compliance and other resources to be able to comply with their legal and regulatory obligations. Compliance is not an incidental cost of doing business, it is a critical function that must be adequately resourced in terms of both number and quality of staff.”
DFSA fines Dubai financial firm Dh5 million for inadequate compliance systems, controls
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