Dubai financial authority launches regulations to protect whistleblowers

  DUBAI – Whistleblowers of financial fraud or misconduct will have more legal protection under new regulations launched by the Dubai Financial Services Authority (DFSA) on Thursday (April 7). The regulations apply to all DFSA regulated entities operating in or from the Dubai International Financial Centre (DIFC). The regulations also seek to encourage individuals to report fraud or misconduct by the increasing transparency in how regulatory concerns are handled. Under the new regulations, measures must be put in place to protect the identity of the whistleblower and to protect them from suffering any detriment. “Whistleblowers form a key part of a firm’s ability to detect, identify and escalate issues of misconduct, and the required Whistleblower policies and procedures play an important role in encouraging appropriate disclosures,” said F. Christopher Calabia, CEO of DFSA. Issues of misconduct could include money laundering, fraud or any other financial crime. Whistleblowers can report suspected incidents to the email address whistle@dfsa.ae. Information reported to DFSA will be treated confidentially, with a response within 28 working days. ICA/Expat Media
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