The Dubai Financial Services Authority (DFSA) has imposed a fine of $980,020 on Peter Georgiou, a former private banker at Mirabaud (Middle East) Limited (MMEL), for misleading conduct and involvement in breaches of financial rules.
The Authority has also prohibited Georgiou from holding office or employment in any DFSA Authorised Firm and restricted him from performing functions related to financial services in the Dubai International Financial Centre (DIFC).
The regulator found that Georgiou lacked integrity and was unfit to provide financial services in the DIFC.
DFSA takes action against banker for misleading conduct
The Authority’s investigation revealed that Georgiou provided misleading information to MMEL’s compliance team, sent a forged email to a client, and gave false information to the DFSA during an interview.
Georgiou was also found to be involved in MMEL’s failure to conduct proper due diligence on existing customers and adequately assess clients’ financial markets experience.
“The DFSA expects those working in financial services within the DIFC to comply with the DFSA’s AML rules. We also expect firms and individuals to engage with the DFSA in an open and honest manner, and to uphold the highest standards of integrity. The DFSA remains committed to holding those who fail to meet these expectations to account. The sanctions imposed on Mr Georgiou reflect the severity of his misconduct and serve as a strong warning to others who may consider engaging in similar behaviour,” Chief Executive Ian Johnston said.
This action follows the Authority’s $3 million fine imposed on MMEL in July 2023 for inadequate anti-money laundering systems and controls.
The Authority’s Decision Notice is available on its website in the Regulatory Actions section.
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