Dubai's financial regulator on Sunday said it censored the local unit of privately-held Danish lender Saxo Bank for its failure to comply with rules regarding intake of clients and anti-money laundering controls.
The Dubai Financial Services Authority (DFSA) said in a statement that failure by Saxo Bank Dubai Limited (SBDL) increased the risk of the bank's business in Dubai being used for money laundering.
DFSA said it conducted an investigation and found that the bank referred its clients to its parent, Saxo Bank in Denmark, and did not carry out sufficient client classification according to the rules set by the emirate's financial regulator, Dubai International Financial Centre (DIFC).
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