Dubai’s financial regulator bans fraudulent banker for six years, levies fine of Dh73,400 | The National

Dubai’s financial regulator bans fraudulent banker for six years, levies fine of Dh73,400 | The National:

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The Gate, the hallmark building in DIFC. Lee Hoagland / The National

Dubai’s financial regulator has found a private banker guilty of defrauding a client, and has banned him from working in the Dubai International Financial Centre for six years. He was fined Dh73,400.

The Dubai Financial Services Authority (DFSA) enforced the penalty against the banker, who has the initials ND, for forging a client’s signature, falsifying account information and making two unauthorised transactions amounting to more than Dh30.82 million.

An investigation led by the DFSA revealed that between July last year and January this year, ND executed two separate transactions worth Dh12.48m and Dh18.35m without obtaining his client’s consent. The client, however, did not suffer any financial loss as a consequence of ND’s actions"

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