The Dubai Financial Services Authority said today (26 November) it had finalised eight enforcement cases and issued 24 alert in 2024 against individuals and firms.
The regulator highlighted 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 DFSA investigations – compromising the integrity of the DIFC financial services sector.
Among the most notable cases, the DFSA imposed a fine of nearly $1m on a former relationship manager at a DFSA-authorised private bank for deceptive conduct, including providing misleading information and falsifying client communications, that facilitated the money laundering practice of layering.
In another case, a firm was fined $720,905 for conducting unauthorised financial activities, failing to protect client monies properly, and obstructing a DFSA investigation. The firm’s senior executive officer was also fined $186,003 and prevented from participating in DIFC’s financial services sector.
Overall, these decisive actions resulted in fines exceeding $2.5m, including $1.3m imposed on individuals and $1.2m 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.
Patrick Meaney, managing director, head of enforcement at the DFSA, said: “These actions underscore the DFSA’s steadfast commitment to upholding the highest regulatory standards in the DIFC. 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.”
