Dubai's DFSA slams fines on firms for repeated money laundering breaches
The Dubai Financial Services Authority (DFSA) has imposed fines of $14,000 on two companies for lapses related to anti-money laundering (AML) regulations.
The two unidentified businesses have been asked to pay financial penalties of $5,600 and $8,400, respectively, for their “repeated” failure to submit annual AML returns despite several reminders.
“The DFSA expects all authorized firms to submit AML returns within the set deadlines and will look to escalate fines against recalcitrant firms,” said Ian Johnston, CEO of DFSA.
“The DFSA will continue to take all the necessary actions to ensure strict compliance with AML-related requirements in the DIFC.”
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