17 September 2012 — Arqaam and Ernst & Young Sanctioned Over Accounting and Audit Standards Dubai, UAE, 17 September 2012: The Financial Markets Tribunal (FMT), an independent tribunal of the Dubai Financial Services Authority (DFSA), today made orders in respect of Arqaam Capital Limited (Arqaam) and its auditor, Ernst & Young (E&Y). The orders were [...]
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18 October 2012 – Notice of Consultation Paper Release TAKE NOTICE THAT: The DFSA has released the following for Consultation: Consultation Paper No. 86 – PROPOSED CHANGES TO THE DFSA’S ANTI-MONEY LAUNDERING AND ANCILLARY SERVICE PROVIDER REGIMES (The deadline for providing comments on this proposal is 16th December 2012) This paper can be viewed [...]
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The Dubai Financial Services Authority (“DFSA”) announced, today, that it has accepted an Enforceable Undertaking (“EU”) from E*TRADE Securities Ltd (Dubai International Financial Centre Branch) (“E*TRADE”). The written undertaking follows a periodic risk assessment in 2010 conducted by the DFSA of E*TRADE, which identified a number of deficiencies in E*TRADE’s anti-money laundering (“AML”) systems and [...]
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Keep up to date with the latest regulatory developments through our DFSA Regulatory Updates. This edition includes the following: Saxo Bank Enforcement Action DFSA and Central Bank updates on Anti Money Laundering Update on SCA proposed new regulations for marketing of Funds in the UAE DFSA Launches Web Pages on “How To Avoid Being Scammed” [...]
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The Dubai Financial Services Authority (DFSA) announced, today, that His Highness Sheikh Mohammed Bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has enacted amendments to the Regulatory Law 2004 which further enhance the requirements and prohibitions relating to financial services marketing (“financial promotions”). These amendments, and the rules made under the law, [...]
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Keep up to date with the latest regulatory developments through our DFSA Regulatory Updates. February’s edition includes the following: Reminder: SCA proposed new regulations for marketing of Funds in the UAE DFSA Annual Report UN Sanctions against Libya and other money laundering concerns in the Middle East 5th GCC Regulators Summit To receive the full [...]
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Dubai, UAE, 20 March 2010: The Dubai Financial Services Authority (DFSA) today censured Saxo Bank Dubai Limited (SBDL) for its failure to comply with the DFSA’s Rules regarding the on-boarding of clients. The censure followed admissions by SBDL that it had breached the client take-on and anti-money laundering (AML) systems and controls requirements in the [...]
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