The US internet share dealing giant E*Trade is closing its Dubai branch, which serves the entire Middle East, three months after it was fined Dh1.1million for deficiencies in money-laundering controls.
Customers have been assured it will be business as usual and they will be able to trade despite the closure. But it is understood that, at least for now, investors in the region will not be able to open accounts.
The E*Trade Securities office at the Dubai International Financial Centre (DIFC) will close on Sunday, meaning the company will drop its presence in the region.
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