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The Dubai Financial Services Authority (DFSA) has slapped a fine of $3.02 million on Mirabaud (Middle East) Limited, for having inadequate anti-money laundering (AML) systems and controls.
The fine was imposed on the bank for the period between June 2018 and October 2021, the financial regulatory agency of the Dubai International Financial Centre said in a statement on its website.
As part of the penalty, Mirabaud has also been ordered to disgorge $975,000 representing the economic benefit the bank gained from its contraventions in the form of fees and commissions.
Mirabaud agreed to settle the matter, reducing the fine from $3.9 million. While the bank had put in place AML policies and procedures, they were ineffective.
(Writing by Brinda Darasha; editing by Seban Scaria)
