The Dubai unit of a global online trading company is closing nearly 1,200 customer accounts after it was fined Dh1.1 million (US$299,470) by a financial regulator for deficiencies in its anti-money-laundering controls.
E-Trade Securities entered into an enforceable undertaking with the Dubai Financial Services Authority (DFSA), which regulates the Dubai International Financial Centre, that requires the company to pay Dh734,580 within 30 days.
The remainder of the fine will be suspended pending its "taking all steps to remediate the DFSA's concerns", according to an announcement yesterday.
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