DFSA fines two companies for not submitting AML Returns on time

Dubai: The Dubai Financial Services Authority (DFSA) has today published Decision Notices against two firms, imposing financial penalties of $5,600 and $ 8,400 respectively, after a settlement discount. If not for the settlement, the DFSA would have imposed financial penalties of $8,000 and $12,000 respectively.

The DFSA has taken enforcement action against the two firms for their repeated failure to submit annual AML Returns to the DFSA by the specified deadlines, despite several reminders, the financial regulatory agency said in a statement.

“The DFSA expects all authorised firms to submit AML Returns within the set deadlines and will look to escalate fines against recalcitrant firms,” said Ian Johnston, CEO of the DFSA. “The DFSA will continue to take all the necessary actions to ensure strict compliance with AML related requirements in the DIFC.”