Regulator bans two execs from working in Dubai's DIFC

Dubai Financial Services Authority imposes six-year suspension on former investment bank executives
Regulator bans two execs from working in Dubai's DIFC
Dubai International Financial Centre
By Staff writer
Sat 11 Apr 2015 09:45 AM

Dubai's financial regulator has imposed restrictions on two executives who provided "false and misleading information" regarding the company they worked for it the emirate.

The Dubai Financial Services Authority (DFSA) announced that Abdul Rahman Al Ansari and Anthony Robert D'Aniello will be prevented from performing any function in connection with the provision of financial services in or from the Dubai International Financial Centre (DIFC).

Both may apply to the DFSA to vary or revoke the restrictions after a period of six years, a statement said.

Al Ansari and D'Aniello were former directors of First Capital of Switzerland Investment Bank Limited (FCSIB), a former authorised firm in the DIFC.

The restrictions follow an investigation in which the DFSA found that they both provided the DFSA with false, incomplete and misleading information regarding the shareholding structure of FCSIB and its controllers.

The DFSA said in the statement that the duo also "demonstrated a fundamental lack of integrity in that they failed to be candid and truthful in all their dealings".

As a result, the DFSA concluded that Al Ansari and D'Aniello are "not fit and proper to be involved in the provision of financial services in the DIFC".

Ian Johnston, chief executive of the DFSA said: "Authorised Persons must deal with the DFSA openly and co-operatively, and must disclose appropriately and in a timely manner any relevant information. The DFSA will take appropriate action when anyone provides information, which is false and misleading."

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