The Dubai Financial Services Authority (DFSA) today published Decision Notices imposing penalties on Symphony Services Limited (SSL), a Dubai International Financial Centre (DIFC) incorporated company, and its CEO: 

• SSL: a fine of USD 210,000 (AED 771,330) and withdrawal of SSL’s registration as a Designated Non-Financial Business or Profession (DNFBP).
• Mr Daniyar Japarkulov: a fine of USD 140,000 (AED 513,221). Additionally, Mr Japarkulov is prohibited from holding office in, or being an employee of, any Authorised Person, DNFBP, Reporting Entity or Domestic Fund (the Prohibition). He is also restricted from performing any function in connection with the provision of Financial Services in or from the DIFC (the Restriction).

SSL was registered with the DFSA in September 2016 as a DNFBP providing company service provider activities. At all relevant times, Mr Japarkulov served as the Chief Executive Officer and a Director of SSL.

The DFSA took action against SSL for:

• providing the DFSA with false, misleading, and deceptive information. In December 2021, when requested by the DFSA to produce information and documents for an anti-money laundering risk assessment, SSL created and backdated certain documents to meet the request; and
• failing to comply with DFSA requirements and obstructing the DFSA. On 23 March 2022, SSL did not allow the DFSA to inspect and copy required information and documents during a visit to SSL’s premises.

The DFSA took action against Mr Japarkulov because he had knowledge of, and had direct involvement in SSL’s conduct, and was therefore knowingly concerned in SSL’s contraventions specified above.

Due to SSL and Mr Japarkulov’s agreement to settle with the DFSA, both fines were reduced by a settlement discount of 30%. Without these discounts, the DFSA would have imposed fines of:

• USD 300,000 (AED 1,101,000) on SSL, in addition to withdrawing its DNFBP registration; and
• USD 200,000 (AED 734,000) on Mr Japarkulov, in addition to the Prohibition and the Restriction.

Waleed Al Awadhi, Chief Operating Officer at the DFSA, said: “It is essential for firms within the DIFC to provide the DFSA with accurate and reliable information ensuring full compliance with our regulatory requirements. Any attempts to mislead or obstruct the DFSA’s efforts undermine the integrity of our financial system and will be met with decisive action. We remain steadfast in our commitment to uphold the highest standards of transparency and accountability."

A copy of the DFSA's Decision Notices can be found in the Regulatory Actions section of the DFSA website.