By Joanne Bladd
Company falls foul of anti-money laundering laws, fined by Dubai Financial Services Authority
a Dubai unit of the New York-based financial services company, has been fined $200,000 by a
regulator in Dubai for breaching anti-money laundering rules and systems.
Financial Services Authority, the regulator of the emirate’s tax-free business
park DIFC, said Sunday it had fined E*Trade for failing to obtain sufficient
evidence of its clients’ origins or funds and sources of wealth.
firm must pay the fine within 30 days with an additional penalty of $100,000
suspended subject to E*Trade agreeing to a risk assessment and other steps,
DFSA said in a statement.
is a new era for financial services, and firms must be more vigilant in meeting
today’s requirements,” Paul Koster, chief executive of the DFSA, said in the
Saxo Bank was censured in March for falling foul of the regulator’s anti-money laundering
rules after passing on clients to its parent company without carrying out
The regulator in January warned companies operating in DIFC to
be vigilant about the outflow of assets from Tunisia and Algeria, following anti-government
protests in the countries.
if the funds came from banks , should not that be the banks issue , since unless E-trade accepted cash then yes , they deserve it otherwise the money came from a bank , and for a company that should be enough .
I am a client and the funds are deposited via BNY Mellon account. When I opened my account I had to provide a verified ID and tenant contract. To keep my account open I was recently asked to send them a bank statement and a pay slip which is just personal and excessive. This is never asked for in the US. Needless to say my account is now closed. A shame because I like the Etrade set up.