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MENAFN- Mid-East Info) Dubai, United Arab Emirates, May 2026: The Dubai Financial Services Authority (DFSA), the independent banking, financial services, and markets regulator of Dubai International Financial Centre (DIFC) has imposed a fine of USD 139,722 (AED 513,129) on Mr Wael Abdelmohsen Abdellatif Mohamed Emara (Mr Mohsen) for misleading and deceptive conduct. The fine was reduced from USD 285,149 (AED 1,047,209) as Mr Mohsen agreed to settle with the DFSA, and after the DFSA considered Mr Mohsen's request for a reduction of the fine on the grounds of financial hardship.
In addition to the financial penalty, the DFSA has:
prohibited Mr Mohsen from holding office or being an employee of a DFSA Authorised Firm; and
restricted him from performing any function in connection with the provision of financial services in or from Dubai International Financial Centre (DIFC).
Mr Mohsen was a reinsurance broker and held a senior role at Ed Broking (MENA) Limited (the Firm). In this role, he was responsible for assisting cedant insurers (the Firm's Clients) in placing risks with reinsurance companies. The DFSA imposed a fine of USD 455,176 on the Firm for similar and other related breaches of DFSA legislation earlier this year.
The DFSA found that Mr Mohsen misled and deceived cedant insurers and reinsurers over a period of more than three years by:
quoting higher premiums to cedant insurers and lower premiums to reinsurers for the same placements, causing the difference to be earned as additional brokerage by the Firm;
advising reinsurers that certain deductions were required from the premiums. However, the amounts deducted were instead retained by the Firm as brokerage; and
providing one of the Firm's Clients with reinsurance documents which had been manipulated to show higher premiums or lower brokerage and deductions.
The DFSA has further determined that Mr Mohsen lacked integrity, and is not fit and proper to be involved in the provision of financial services in or from the DIFC.
Alan Linning, Managing Director of Enforcement at the DFSA, said:“The DFSA expects employees of Authorised Firms to observe the highest standards of integrity in carrying out Financial Services in or from Dubai International Financial Centre (DIFC). In misleading and deceiving clients and reinsurers as he did, Mr Mohsen failed to meet those standards. The fine imposed on Mr Mohsen and the prohibition and restriction imposed on him reflect the seriousness of his misconduct and serves to warn others against engaging in similar conduct.”
The DFSA remains committed to developing, administering, and enforcing world-class regulations of financial services within DIFC. As part of its strategy and ongoing mission, the Authority will continue to implement stringent enforcement measures and provide clear regulatory guidance to ensure that all entities operating within the Centre adhere to the highest standards of regulation and ethical conduct.
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.
Alan Linning joined the Dubai Financial Services Authority (DFSA) in July 2025 as Managing Director, Enforcement. He brings over three decades of extensive legal, regulatory, and enforcement experience to the DFSA, having worked across a broad spectrum of complex financial regulation, enforcement action, and compliance matters within global financial markets. Prior to joining the DFSA, Mr Linning held various senior positions within top-tier regulatory bodies and law firms, where he held high-profile investigations and contributed to shaping policy and strategy in financial enforcement. He was most recently a Partner in Litigation and Dispute Resolution at Mayer Brown in Hong Kong. Previously, he spent eight years as Partner, Head of Disputes and Regulatory at Sidley Austin, and was Executive Director of Enforcement at Hong Kong's Securities and Futures Commission. Mr Linning holds a Law degree from the University of Edinburgh.
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