The Securities and Commodities Authority imposes fines of 1.15 million dirhams on companies that violate the integrity of the financial markets

The Securities and Commodities Authority has taken several strict measures against a group of companies for violating the laws and regulations and not complying with the provisions and rules for facing money laundering and terrorist financing, as it announced the imposition of financial fines on the violating companies with a total of 1.15 million dirhams since the beginning of January of this year.

The total fines imposed on companies and investors violating regulations and regulations reached about 650 thousand dirhams in addition to 500 thousand dirhams imposed on other companies because of their failure to comply with the provisions of anti -money laundering and terrorist financing, and to promote activities outside the scope of the license granted to them by the authority.

These strict measures confirm the commission’s commitment to protecting the rights of investors and consolidating the foundations of the integrity of the financial markets in the country, as the authority aims, through its organizational framework, to ensure accountability, transparency and compliance, which enhances the stability of a safe and reliable investment environment that is in line with the highest standards and best international practices.

In this regard, Walid Saeed Al -Awadi, CEO of the Authority, stated: “These measures come as an affirmation of the authority’s commitment to protect the integrity of the financial markets in the country through a strict regulatory framework that guarantees accountability, transparency and compliance, in an effort to preserve a safe and reliable financial services system, according to the highest standards International. Taking strict measures against illegal actions is legally, sends a clear message that the authority will not tolerate cases Not compliance. These measures are necessary to protect investors, and to maintain the integrity of the financial markets in the country.

Al -Awadi stressed that the authority will continue its commitment to enhance transparency and protect investors, while continuing its supervisory efforts to ensure the highest standards of integrity in the financial sector, as part of its strategy aimed at ensuring that all companies are committed to the highest standards of compliance and moral behavior.

The authority applies the world -class regulatory system to companies operating in the financial markets in the country, and will continue to take strict measures and provide organizational guidelines with the aim of enhancing the protection of investors and ensuring the integrity of financial markets, and consolidating the position of the UAE as a leading global financial center.