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08 Apr 2015, 12:04 pm

DFSA Takes Action Against Former Licensed Directors

The Dubai Financial Services Authority (DFSA) announced today, that it has imposed restrictions on Mr Abdul Rahman Al Ansari (Mr Al Ansari) and Mr Anthony Robert D'Aniello (Mr D'Aniello) for providing the DFSA with false and misleading information.

The restrictions imposed by the DFSA prevent Mr Al Ansari and Mr D'Aniello from performing any function in connection with the provision of financial services in or from the Dubai International Financial Centre (DIFC). Both may apply to the DFSA to vary or revoke the restrictions after a period of six years.

Mr Al Ansari and Mr D'Aniello were former Licensed Directors of First Capital of Switzerland Investment Bank Limited (FCSIB), a former Authorised Firm in the DIFC.

The restrictions follow an investigation in which the DFSA found that Mr Al Ansari and Mr D'Aniello:

  • provided the DFSA with false, incomplete and misleading information regarding the shareholding structure of FCSIB and its controllers; and
  • demonstrated a fundamental lack of integrity in that they failed to be candid and truthful in all their dealings with the DFSA.

As a result, the DFSA has concluded that Mr Al Ansari and Mr D'Aniello are not fit and proper to be involved in the provision of financial services in the DIFC.

Mr Ian Johnston, Chief Executive of the DFSA said: "Authorised Persons must deal with the DFSA openly and co-operatively, and must disclose appropriately and in a timely manner any relevant information. The DFSA will take appropriate action when anyone provides information, which is false and misleading."

A copy of the DFSA's Decision Notice can be found in the Public Register of the DFSA website under Regulatory Actions. Your-Resources/Public-Register#Regulatory-Actions


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