The Dubai Financial Services Authority (DFSA) has imposed fines worth a combined $906,908 on OCS International Finance Limited (OCS) and its CEO, Christian Franz Thurner, following an investigation that revealed multiple regulatory breaches.
The Authority fined OCS $720,905 (AED2,645,721) and Thurner $186,003 (AED682,631) after applying a 30 per cent settlement discount.
The investigation uncovered that OCS had mismanaged $46 million (AED168,820,000) of client funds and misled both a bank and the DFSA.
DFSA’s investigation
The regulatory body’s probe revealed that OCS had committed several violations, including handling client funds before obtaining DFSA authorisation, submitting false documents to its bank, failing to maintain client funds in a separate account, and providing misleading information to the DFSA.
Thurner was found to be knowingly involved in several of OCS’s contraventions and obstructed the Authority’s investigation.
As a result, he has been prohibited from holding executive or employee positions in Authorised Person, Designated Non-Financial Business or Profession, Reporting Entity, or Domestic Fund.
He is also barred from performing financial service-related functions in or from the Dubai International Financial Centre (DIFC).
“The integrity of the DIFC is essential in maintaining investor confidence. Firms and individuals in the DIFC must adhere to the highest standards of conduct and integrity, especially when dealing with client funds. Our enforcement actions send a strong message that we will not tolerate misleading or obstructive behaviour, and we will take necessary steps to protect investors,” Chief Executive Ian Johnston said.
The DFSA’s investigation also found that OCS and Thurner had repeatedly failed to provide required documents, including bank statements, and consistently failed to meet regulatory reporting requirements.
The Decision Notices regarding OCS and Thurner are available on the DFSA website in the Regulatory Actions section.
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