Dubai: Financial Firm Fined Over Dh2.6 Million For Misleading Bank, Misusing Client Funds
Date
10/3/2024 3:04:04 PM
(MENAFN- Khaleej Times)
Published: Thu 3 Oct 2024, 5:04 PM
Last updated: Thu 3 Oct 2024, 8:33 PM
A firm was fined by the Dubai financial Services Authority for multiple breaches of its policies and violations against client funds.
The OCS International Finance Limited was found to have mismanaged Dh168,800 ($46 million) of client funds, and misleading the authority and a bank.
According to a press release issued by the authority, the company was fined Dh2,645,721 ($720,905) after applying a 30 per cent discount, and its Chief Executive Officer was fined Dh682,631 ($186,000).
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In addition to the fine, the CEO is prohibited from holding any executive position or working as an employee of any licensed firm, designated non-financial business or profession and reporting entity or local fund.
It is also restricted from engaging in any function related to the provision of financial services in or from the Dubai International Financial Centre (DIFC).
Ian Johnston, Chief Executive of the DFSA, said:“Maintaining the integrity of the financial services industry in the DIFC is essential to maintaining investor confidence. All firms and individuals operating in the DIFC must adhere to the highest standards of integrity and good conduct, particularly when dealing with client funds."
"Our enforcement actions are a clear message that the DFSA will not tolerate misleading or obstructive behaviour and will take decisive action to ensure that investors are protected," he added.
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