A 5 million dirham fine from the Dubai Finance Authority “R. J. O'Brien »

The Dubai Financial Services Authority fined R $1,368,767 (AED 5,023,375). J. O'Brien (MENA) Capital Limited (the Company) for multiple breaches of the DFSA Act, including inadequate compliance systems and controls.

The value of the penalty was reduced for a number of reasons, including, among others, the company's undertaking to provide an enforceable undertaking to the Dubai Financial Services Authority to address the violations and its agreement to settle the matter. The fine was reduced from $2,793,403 (10,251,789 dirhams).

The Dubai Financial Services Authority reached the following conclusions:

• After acquiring an additional brokerage firm, the firm did not plan or conduct adequate analyzes to ensure compliance with its existing regulatory obligations.

• The company's senior management is aware of the inadequate resources required for compliance and its failure to properly address this issue to ensure full compliance with its regulatory obligations.

However, the Dubai Financial Services Authority found no evidence that the company deliberately violated laws and regulations.

The DFSA acknowledges that the company has given an enforceable undertaking in terms of agreeing to address deficiencies in the system, controls and compliance evidence; Appointing an external compliance expert to help the company comply with its obligations and verify completion of necessary procedures to address deficiencies.

Patrick Meaney, Head of Enforcement at the Financial Services Authority of Dubai, said: “Licensed firms are obliged to check that they have adequate compliance and other resources to comply with their legal and regulatory obligations. Compliance is not an incidental cost within the business process, but a critical component that must be adequately resourced in terms of staff numbers, experience and skills.

See also  Emirates News Agency - "WAM" so far

  • Bill Dittman

    "Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

    Related Posts

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    As a popular business-friendly destination, the United Arab Emirates has had an impressive economic growth rate which has attracted more job seekers as well as business investors to the region.…

    How to Choose the Right Mattress: Find the Best Fit for You

    Quality sleep is something that many people aren’t getting enough of nowadays. There are sleep disorders such as sleep apnea and insomnia that can negatively affect your health.  Your busy…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space