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


A Staff Reporter

Published: Thu 19 Jan 2023, 5:42 PM

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.


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