The Dubai Financial Services Authority (DFSA) has fined Raphael Lilla and Kapparath Muraleedharan $56,000 each (taking into account a 20 per cent early settlement discount) for causing and being knowingly concerned in a firm’s breach of the DFSA’s anti-money laundering (AML) rules and the firm’s own internal policies due to these individuals failing to act with due care, skill and diligence.
In August 2014, Mr Lilla and Mr Muraleedharan, both licensed directors and members of the board of directors at a DFSA authorised firm, instructed the firm’s senior executive officer and the compliance and money laundering reporting officer to open three accounts for “high risk” clients, dismissing the advice that opening the accounts without the completion of enhanced customer due diligence would contravene the DFSA’s AML rules.
The DFSA decided not to take any action against the firm after Mr Lilla and Mr Muraleedharan accepted responsibility for their actions and agreed to settle the matter at an early stage following the conclusion of the investigation.
Copies of the DFSA’s Decision Notices for .
Mr Muraleedharan . https://www.dfsa.ae/getattachment/What-We-Do/Enforcement/Regulatory-Actions/005P_Decision-Notice_080516second.pdf.aspx
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