1.15 million dirhams imposed "Securities and commodities" On violating companies

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Abu Dhabi, February 25/ WAM/ 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 value of 1.15 million dirhams since the beginning of January From 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 by the authority.

These 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.

His Excellency Walid Saeed Al -Awadi, CEO of the Authority said: “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 international standards.” He pointed out that taking strict measures against illegal actions by law sends a clear message that the authority will not tolerate cases of lack Compliance, and that 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 a world -class control 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 promoting investor protection, ensuring the integrity of financial markets, and consolidating the position of the UAE as a leading global financial center.