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19 Jan 2023, 11:15 am

Two firms fined for their repeated failure to submit AML Returns to the DFSA by the set deadlines

The Dubai Financial Services Authority (DFSA) has today published Decision Notices against two firms, imposing financial penalties of USD 5,600 and USD 8,400 respectively, after a settlement discount.  Were it not for the settlement, the DFSA would have imposed financial penalties of USD 8,000 and USD 12,000 respectively. 

The DFSA has taken enforcement action against the two firms for their repeated failure to submit annual AML Returns to the DFSA by the specified deadlines, despite several reminders sent by the DFSA.

Ian Johnston, Chief Executive of the DFSA, said: “The DFSA expects all authorised firms to submit AML Returns within the set deadlines and will look to escalate fines against recalcitrant firms. 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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