Lord Abbett joins more than 250 companies at the region’s wealth and asset management hub in DIFC
DFSA
commodity trading
Dubai regulator DFSA bans senior executive at brokerage firm Tradition to ‘protect integrity of Islamic finance’
The senior executive committed several breaches in relation with Tradition’s Murabaha commodity trading desk
Abdulla Almoayed
DIFC’s Tarabut Gateway becomes UAE’s first regulated Open Banking platform with DFSA license
The license marks the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities
DFSA
How does the DFSA’s new regulatory regime protect whistleblowers?
The new regulatory regime sets out enhanced legal protection for whistleblowers who report misconduct internally within DFSA regulated entities or externally to their auditor, the DFSA, or a law enforcement agency
Adenium Cayman
Dubai’s DFSA penalises two Adenium Group firms, individuals for unauthorised financial services activities
Adenium Cayman engaged in unauthorised financial services activities, including illegally marketing unregulated collective investment funds, and AECAL was knowingly involved in Adenium Cayman’s breaches, the DFSA reported
Arif Amiri
French bank Societe Generale receives license upgrade from DIFC in line with its regional growth strategy
Upgrade authorises company to book lending locally and is a testament of bank’s commitment to regional expansion from Dubai
Cyber crime
Dubai financial regulator warns of easy loan scam
The scammers use false certificates of incorporation, which the DFSA doesn’t issue
Abraaj
Video: Five questions with Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) has said that their investigation into the controversial Abraaj case will be a deterrent for all UAE companies indulging in unlawful activities
Arif Naqvi
Abraaj investigation is ‘well resourced’, says Dubai’s financial regulator
Although Abraaj Group founder has been released on bail, the DFSA will continue its investigation into the case
DFSA
DIFC-based finance firm has licence suspended by regulator
Dubai Financial Services Authority stops Rasan Capital Limited from operating for 12 months
Bryan Stirewalt
Dubai tribunal affirms Royal Shield licence withdrawal
The DFSA withdrew the licence on the grounds that the firm is ‘no longer fit and proper’ to hold DIFC financial services licence
Abraaj
Dubai regulator in contact with US counterpart about Abraaj case
Abraaj founder Arif Naqvi and former managing partner Mustafa Abdel-Wadood were arrested on US charges last week for allegedly defrauding investors
Banking & Finance
Swedish crowdfunding firm launches operations in Dubai
FundedByMe aimsto launch its first campaign on the local platform early in the second quarter of 2019 after securing licence from Dubai regulator
Abraaj
DIFC regulator to strengthen corporate oversight in wake of Abraaj collapse
Dubai Financial Services Authority CEO Bryan Stirewalt said it will review its approach to supervision after an exhaustive investigation into the Abraaj scandal
Bryan Stirewalt
DIFC regulator suspends licence of Dubai financial services firm
Dubai Financial Services Authority suspends Morgan Gatsby Limited for period of 12 months
Cyber crime
Dubai’s DFSA warns of online scam
The fraudsters are using e-mails and logos purporting to be from the Dubai Financial Services Authority and promising loans of $125 million
Anti-money laundering laws
DIFC amends anti-money laundering law in bid to fight financial crime
The new rules will strengthen provisions on DIFC’s non-financial businesses to strike them off the register in the event of non-compliance