Dubai, UAE: The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in, and from, the Dubai International Financial Centre (DIFC) has, 2024 year to date, taken eight enforcement actions and issued 24 alerts. These actions targeted individuals and entities that undertook unauthorised financial services activities, misled investors, failed to comply with anti-money laundering obligations, and misled the DFSA or obstructed DFSA investigations – compromising the integrity of the DIFC financial services sector.

This comprehensive enforcement effort reaffirms the DFSA’s commitment to safeguarding the integrity of financial services within the DIFC. Through a robust regulatory framework, the DFSA ensures accountability, transparency, and compliance, fostering a secure and trustworthy financial services industry in the DIFC that aligns with the highest international standards.

 

Among the most notable cases, the DFSA imposed a fine of nearly USD 1 million on a former Relationship Manager at a DFSA-authorised private bank for deceptive conduct, including providing misleading information and falsifying client communications, that facilitated the money laundering practice of layering. In another case, a firm was fined USD 720,905 for conducting unauthorised financial activities, failing to protect client monies properly, and obstructing a DFSA investigation. The firm’s Senior Executive Officer was also fined USD 186,003 and prevented from participating in DIFC’s financial services sector.

Overall, these decisive actions resulted in fines exceeding USD 2.5 million, including USD 1.3 million imposed on individuals and USD 1.2 million on firms. Three individuals were restricted and prohibited from operating within the DIFC, and the DFSA accepted an Enforceable Undertaking from another firm, committing it to take agreed remedial actions.

Patrick Meaney, Managing Director, Head of Enforcement at the DFSA, said: “These actions underscore the DFSA’s steadfast commitment to upholding the highest regulatory standards in the DIFC. The true value of enforcement is its ability to deter wrongdoing and foster compliance.

By taking decisive action against misconduct, we send a clear message that non-compliance will not be tolerated. These measures are critical to protecting investors, customers, and the public, while safeguarding the integrity of financial services within the DIFC.”

Looking ahead, the DFSA remains committed to developing, administering, and enforcing world-class regulation of financial services within the DIFC. As part of its strategy and ongoing mission, the DFSA will continue to implement stringent enforcement measures and provide clear regulatory guidance to ensure that all entities operating within the DIFC adhere to the highest standards of regulation and ethical conduct.

For more information on the DFSA’s enforcement actions and initiatives, please visit www.dfsa.ae/alerts.

For further information, please contact:
Corporate Communications
Dubai Financial Services Authority (DFSA)
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae 

About Dubai Financial Services Authority (DFSA)

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering and Combating the Financing of Terrorism legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA’s website for more information.

Patrick Meaney joined the Dubai Financial Services Authority (DFSA) in 2018 and currently serves as the Managing Director, Head of Enforcement. With over 30 years of experience in regulating financial markets and services, he brings a wealth of knowledge and expertise to the DFSA. Before his tenure at the DFSA, Mr Meaney was a Manager in the Wholesale Enforcement Department of the Financial Conduct Authority (FCA) for nearly seven years. During this period, he focused on addressing misconduct in both listed and over-the-counter financial markets. Prior to joining the FCA, Mr Meaney held senior positions in legal, regulatory enforcement, and forensic investigation roles across Australia, Hong Kong, and Japan. His notable roles included General Counsel and Head of Enforcement at the Australian Prudential Regulation Authority, and Head of Listing Enforcement at the Hong Kong Exchanges and Clearing Limited. Mr Meaney is admitted to practice Law in Australia and holds postgraduate qualifications in Law and Applied Finance. He is a member of the Enforcement and Cooperation Committee and of the Multilateral Memorandum of Understanding Screening Group of the International Organisation of Securities Commissions.