Dubai regulator slaps $105,000 fine on company for unauthorized financial service | ZAWYA MENA Edition:
The Dubai Financial Services Authority (DFSA) has fined Enness Limited, a DIFC representative office of a UK-based firm, $105,000 (approximately 386,000 UAE dirhams) for engaging in unauthorised activity outside the scope of its license.
Enness DIFC is only permitted to carry out activities in the DIFC relating to the marketing of mortgage services offered by its head office, as per the DFSA license.
However, the company engaged in arranging mortgages and providing mortgage advice for its clients between November 2017 and January 2019. The firm now has sought to obtain a license authorising it to carry on wider financial services activity.
“This action demonstrates that the DFSA takes the failure by Representative Offices to act within the scope of their Licenses seriously. We expect that all Representative Offices in the DIFC understand what they are authorised to do and have controls in place that ensure they only engage in authorised activities,” said Bryan Stirewalt, Chief Executive of the DFSA in a statement.
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