The Securities and Commodities Authority headquarters. ARCHIVE

In a sweeping crackdown on financial misconduct, the Securities and Commodities Authority (SCA) has fined a licensed UAE firm Dh5 million and referred it to the Public Prosecution for serious regulatory violations. The company, in partnership with a foreign entity, was found to have misled investors by falsely claiming the overseas firm was licensed by the SCA. The goal: to unlawfully solicit funds from UAE-based clients. “This is a clear breach of anti-money laundering laws and counter-terrorism financing regulations,” the SCA stated. An in-depth investigation exposed the company’s deceptive practices and disregard for compliance, prompting authorities to take swift action. The SCA reaffirmed its commitment to global best practices, transparency, and the protection of investor interests in the UAE’s financial markets. “We are enhancing proactive oversight and strict enforcement to ensure trust in the financial sector,” the authority added. ICA/Expat Media
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