The Dubai International Financial Centre. ARCHIVE

The Dubai Financial Services Authority (DFSA) has imposed a Dh5 million fine on accompany for violating the DFSA’s rules on compliance systems. The company, R.J. O’Brien (Mena) Capital Limited, was found to have committed multiple violations, including inadequate planning and analysis to comply with regulatory obligations after acquiring additional brokerage. According to DFSA, the firm’s senior management “were aware of the lack of compliance resources and failed to adequately address it”. The DFSA, however, said it did not find evidence that the firm deliberately acted to break the law. It also acknowledged the firm’s actions to fix its violations, which is why the DSFA reduced the fine to Dh5 million instead of Dh10 million. Patrick Meaney, Head of Enforcement of the DFSA, said: “Authorised firms must ensure that they have adequate compliance and other resources to be able to comply with their legal and regulatory obligations. Compliance is not an incidental cost of doing business, it is a critical function that must be adequately resourced in terms of both number and quality of staff." ICA/Expat Media
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