The Dubai Financial Services Authority (DFSA) has prohibited FFA Private Bank (Dubai) from receiving, arranging or executing orders from or on behalf of “specific clients”.
This is “due to concerns about the adequacy of its systems and controls to identify, assess and report trading giving rise to suspicions of market abuse relating to certain clients”, the regulator said in a statement on 23 June.
The prohibition will remain in place until the private bank “has addressed these weaknesses”, it added.
The DFSA said the “public register has been updated to reflect the license restrictions, by noting the word restriction against FFA’s licence entry, and a decision notice has been issued on its website”.
FFA Private Bank said it is cooperating with the DFSA to resolve the issues.
‘Will not hesitate’
Bryan Stirewalt, chief executive of the DFSA, said: “The DFSA will take strong action to protect the integrity of financial markets.
“We will not hesitate to restrict the activities of firms where there are concerns over the adequacy of their processes to prevent or detect market abuse.
“The DFSA is committed to protecting the interests of users of financial markets.”
