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The Dubai Financial Services Authority (DFSA) has launched a regulatory regime for whistleblowing that seeks to provide enhanced legal protection for individuals reporting misconduct, as well as deter wrongdoings and promote better compliance in regulated companies.
A first of its kind to be introduced by a financial service regulator in the UAE, the regime applies to all DFSA-regulated entities operating in or from the Dubai International Financial Centre (DIFC), the authority said on Thursday.
With the new regime, the DFSA seeks to improve the whistleblowing culture through increased transparency around how concerns are handled, assessed and escalated.
As part of the regime, enhanced legal protection will be extended to individuals, such as officers, employees or agents who report suspected misconduct internally within their DFSA-regulated firm or externally to their auditor, the DFSA or a law enforcement agency.
“Whistleblowers form a key part of a firm’s ability to detect, identify and escalate issues of misconduct, and the required whistleblower policies and procedures play an important role in encouraging appropriate disclosures,” said Christopher Calabia, DFSA Chief Executive.
The new regime also aims to deter wrongdoing, promote better compliance and an ethical culture, the DFSA said.
(Writing by Cleofe Maceda; editing by Seban Scaria)
