Dubai financial regulator slaps fine on United Investment Bank - The National:
"Dubai's financial regulator has enforced a penalty of US$50,000 against United Investment Bank (UIB) following an investigation that revealed the lender's failure to provide appropriate safeguards for its financial products.
UIB demonstrated weakness in its "systems and controls" for its custodian services, in which share certificates or other assets are held with a third party on behalf of an individual or company.
In one case, the bank failed to provide custody services to a client entirely, even though it had been contracted to do so according to the fund's prospectus.
"UIB knew this and failed to notify the [regulator] until nine months later," the Dubai Financial Services Authority said. The bank "has not dealt with the DFSA in an open and cooperative matter"."
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