iPhone | iPad
Android
Huawei
It will allow non-Saudi nationals to own property in all parts of the kingdom
KT APPDOWNLOAD
Submission of AML returns: DFSA fines two companies
Both firms fined for their repeated failure to submit AML returns to the DFSA by the set deadlines
The Dubai Financial Services Authority (DFSA) has published decision notices against two firms, imposing financial penalties of $5,600 and $8,400, respectively, after a settlement discount.
"Were it not for the settlement, the DFSA would have imposed financial penalties of $8,000 and $12,000, respectively," according to a statement on Thursday.
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 sent by the DFSA.
Ian Johnston, chief executive of the DFSA, said the DFSA expects all authorised firms to submit AML Returns within the set deadlines and will look to escalate fines against recalcitrant firms.
"The DFSA will continue to take all the necessary actions to ensure strict compliance with AML related requirements in the DIFC," he said.
— muzaffarrizvi@khaleejtimes.com
More news from Business
62-year-old says he feels "a call of duty"
Businesses need to understand challenges and risks to successfully integrate AI into their operations, consultancy says
RNG Management Consultancies UAE and Astrazure Legal Services Private Ltd India sign MoU
Last year, the emirate saw a 16% increase in tourist arrivals compared to the previous year
Restructuring would enable each separate business to pursue its own fundraising and public listing plans
Agencies can help people in the process
Bilateral non-oil trade reached $58.7 million in 2022 with a 19% year-on-year growth