The UAE Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has taken “enforcement actions” against Amicorp Advisory Limited (Amicorp).
Amicorp is a company service provider licensed by ADGM, and its former account manager Dhanishta Jhamna-Chutooree (Chutooree) for various breaches of RA administered legislation.
According to the RA’s findings, Amicorp had submitted a falsified document as part of an incorporation application on behalf of a client, and failed to maintain proper compliance arrangements, systems, and controls to monitor its employees.
Chutooree, who was employed by Amicorp at the time, was found to have falsified the document, deleted key evidence during the RA’s investigation, and provided false information to the investigators.
In response to these violations, the RA has imposed financial penalties on Amicorp and Chutooree.
Amicorp has been fined $18,000 for providing false information to the RA and violating CSP conditions of licence, while Chutooree has been fined $21,000 for providing false information, destroying relevant documents, and providing false information in purported compliance with a requirement imposed by RA investigators.
ADGM-licensed CSPs such as Amicorp are expected to uphold certain obligations and responsibilities towards the RA and their clients.
The RA has emphasized the importance of accurate and truthful information being provided to them and for CSPs to have adequate systems and controls to prevent the creation or submission of falsified documents.
The enforcement actions taken by the RA serve as a reminder to all ADGM-licensed CSPs to ensure that they comply with the relevant legislation and regulations.
Failure to do so can result in severe financial penalties and damage to the reputation of the company.
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