Dubai Financial Services Authority also expects further growth activity in 2024
DFSA
DFSA
DFSA issues $1.4m fine on R.J O’Brien (MENA) Capital Limited for compliance breaches
Initially, the fine issued was substantially higher ($2,793,403) however, the amount was reduced following an Enforceable Undertaking (EU) offered by the firm
cyber attack
Strengthening cyber resilience: Insights from three years of hosting the DFSA’s threat intelligence platform
The cost of cybercrime is only increasing, so the business community need to be prepared
Abu Dhabi
UAE tax update; Petrol price cuts; Abu Dhabi Airport name change; Saudi Arabia to host 2034 World Cup – 10 things you missed this week
UAE tax rules updated, petrol prices reduced, Abu Dhabi Airport name to change, Saudi Arabia to host World Cup in 2034
DFSA
Dubai firm fined $370,000 for financial service violations
The Dubai Financial Services Authority (DFSA) described FFA Private Bank’s approach towards assessing suspicious trading as “flawed”
DFSA
Fostering transparency through the DFSA’s public register
The register is a valuable tool for potential consumers of financial services, as it is a comprehensive and credible list of all Firms and Individuals authorised to carry out financial services activities in or from the DIFC
DFSA
DFSA slaps $33,220 fine on former Equitativa Chief Financial Officer
This action follows the DFSA’s Decision Notice, which revealed Ishak’s involvement in misleading statements and financial reporting irregularities related to Emirates REIT
DFSA
A guide to navigating the status of firms within the DIFC
The key to understanding what a company can provide, and to whom, is knowing whether they are authorised by the DFSA
anti-money laundering
Dubai’s DFSA slaps $3mn fine on bank for money laundering ‘red flags’
The fine by the DFSA was imposed for the period between June 2018 and October 2021
Abraaj
Dubai court fines KPMG $231mn over Abraaj fallout
KPMG Lower Gulf to appeal the verdict in supreme court after a Dubai court ruled in favour of group of investors who lost money with Abraaj
Dalma Capital Management
Zachary Cefaratti $162,000 fine upheld by Financial Market Tribunal
The decision was based upon confirming that the information provided to the DFSA was false or misleading
DFSA
UAE announces new rules for family businesses in DIFC
The family arrangement regulation provides guidelines for family business and entities controlled by families holding assets and operating in or from DIFC
anti-money laundering (AML)
Dubai firms fined for failure to submit AML returns despite reminders
The DFSA imposed fines on two financial penalties on two firms for failure to submit required reports despite several reminders
DFSA
InvestSky launches in the UAE following $3.4mn pre-seed funding
The social investing commission-free platform will launch for investors in the GCC allowing purchase of fractional stocks starting from $1
Abraaj
DFSA fines KPMG $1.5 million over Abraaj failings
Both KPMG LLP and Navalkar have withdrawn their decisions for review by the Financial Markets Tribunal (FMT)
bilateral cooperation
DFSA, SEC Thailand sign pact to promote cooperation on financial market regulation, policy issues
The agreement also provides a framework for bilateral exchange of views on technology enabled financial innovation in financial services
Abraaj Capital Limited
Dubai slaps $2mn fine on KPMG over Abraaj audit, refers case to Financial Markets Tribunal
Both KPMG LLP and Navalkar denied the DFSA’s allegations and have applied for review of the decisions to the Financial Markets Tribunal (FMT)