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 […]

ABN Amro has been fined €625,000 by De Nederlandsche Bank (DNB) and US$640,000 by the Dubai Financial Services Authority (DFSA) for flaws in procedures to prevent money laundering at its private banking branch in Dubai. The DNB and the DFSA found “serious shortcomings in the client acceptance and risk management processes, aimed at preventing money […]

The Dubai Financial Services Authority (DFSA) fined Deutsche Bank AG US$8.4 million (including a 20 per cent discount) for failures in governance and client take-on processes in its Private Wealth Management business in Dubai. The cap of US$100,000 on fines imposed by the DFSA for regulatory breaches was removed in August 2014. A copy of […]