Monday, Oct 24, 2016


The Dubai Financial Services Authority (DFSA) said it has accepted an Enforceable Undertaking (EU) from Rasmala Investment Bank (RIBL), a company incorporated in the Dubai International Financial Centre and a DFSA authorised firm.

The EU resulted from DFSA concerns about RIBL’s anti-money laundering (AML) systems and controls, and about whether it had carried out the Financial Service of Providing Custody to its clients without being licensed to do so.

Though RIBL does not agree with the DFSA’s findings, it acknowledges the DFSA’s concerns and agrees to engage an independent expert to ensure that the concerns are remedied.

RIBL also agreed to pay a financial penalty of $60,000 (Dh220,200) to the DFSA of which $30,000 (Dh110,100) is payable on or by November 17. The remaining $30,000 (Dh110,100) is suspended indefinitely and becomes payable if RIBL fails to comply with the EU.

Staff Report

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