Picture for illustrative purposes only. ARCHIVE

The Dubai Financial Services Authority (DFSA) has imposed heavy fines on two companies for violating the UAE’s anti-money laundering rules. The DFSA identified the violating firms as Alessandro Faro Trading Ltd (AFTL) and Fius Capital Limited (FCL). According to the DSFA, AFTL was found to have engaged in business as a dealer in precious metals and precious stones without proper registration with the DFSA. The company was fined of $25,200 (Dh92,610) after a settlement discount from the original fine of $36,000 (Dh132,300). The DFSA clarified that it does not allege AFTL’s direct involvement in money laundering activities, but considers it susceptible to money laundering activities since it is not regulated by the Dubai International Financial Centre and is operating without the supervision of DSFA. Similarly, FCL was fined $11,340 (Dh41,650) after agreeing to a settlement. The DFSA reduced the firm’s penalty from a potential $32,400 (Dh119,000). According to DFSA, FCL failed to meet various compliance obligations, including several regulatory returns ,within the specified deadlines, despite receiving multiple reminders. This included the failure to submit its annual anti-money laundering (AML) return. Ian Johnston, Chief Executive of the DFSA, emphasized the authority's zero-tolerance approach towards non-compliance with anti-money laundering requirements under DFSA administered legislation. Johnston stressed that the DFSA will take decisive action to ensure firms fulfill their obligations in this regard and will address any breaches appropriately. KKL/Expat Media
For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page