Dubai, UAE: The Dubai Financial Services Authority (DFSA) has today published Decision Notices against two firms, imposing financial penalties of USD 5,600 and USD 8,400 respectively, after a settlement discount.  Were it not for the settlement, the DFSA would have imposed financial penalties of USD 8,000 and USD 12,000 respectively. 

The DFSA has taken enforcement action against the two firms for their repeated failure to submit annual AML Returns to the DFSA by the specified deadlines, despite several reminders sent by the DFSA.

Ian Johnston, Chief Executive of the DFSA, said: “The DFSA expects all authorised firms to submit AML Returns within the set deadlines and will look to escalate fines against recalcitrant firms. The DFSA will continue to take all the necessary actions to ensure strict compliance with AML related requirements in the DIFC.

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For further information please contact:
Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae

About Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.

Ian Johnston was appointed Chief Executive of the DFSA in September 2022. He previously served as the DFSA’s Chief Executive from 2012-2018. A lawyer by background, Ian had several senior executive roles in the private sector, including as CEO of one of Australia’s major trustee companies. The second half of his career being in regulation, Ian was an Executive Director at the Australian Securities and Investments Commission; Special Advisor at the Hong Kong Securities and Futures Commission; and since 2019, consulting to and advising a number of financial regulators in Europe, Asia and the Middle East.