“Securities and Commodities” imposes a fine of 5 million dirhams on a licensed destination to mislead customers

The Securities and Commodities Authority imposed a fine of 5 million dirhams on one of the licensed bodies, with it referred to the Public Prosecution to take the necessary legal measures, after it was proven that it violated the provisions of fighting money laundering, financing terrorism, illegal organizations and relevant organizational regulations.

Investigations showed the involvement of the concerned authority in cooperation with a company outside the country in misleading practices targeting investors inside the Emirates, by suggesting that the foreign company is licensed by the authority, with the aim of seizing customer money. The referral of the file to the competent judicial authorities came as an affirmation of the committee’s firm approach to consolidating transparency and ensuring the highest levels of organizational compliance.

The authority affirmed that it continues to monitor the markets and implement organizational and legal procedures in all firmness, in order to enhance the position of the UAE as a global financial center that has the highest standards of transparency and credibility.