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The largest Islamic bank in the UAE and the second-largest Islamic bank in the world said net operating revenues showed robust growth of 11 per cent YoY to Dh2.467 billion compared to Dh2.226 billion in the same 2021 period
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Dubai regulator launches regime to protect whistleblowers
The regime provides enhanced legal protection for persons who report misconduct in firms
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The Dubai Financial Services Authority (DFSA) on Thursday launched its regulatory regime for Whistleblowing which applies to all DFSA-regulated entities operating in or from the Dubai International Financial Centre (DIFC).
It’s is the first of its kind to be introduced by a financial service regulator in the UAE.
The regulator said the regime provides enhanced legal protection for persons who report misconduct internally within DFSA Regulated Entities or externally to their auditor, the DFSA or a law enforcement agency.
It also aims to improve the whistleblowing culture in these entities by increasing transparency around how they handle regulatory concerns, assess them and, where appropriate, escalate. Importantly, a DFSA regulated entity must also put in place measures to protect the identity of the whistleblower and safeguard them from suffering any detriment.
“Whistleblowers form a key part of a firm’s ability to detect, identify and escalate issues of misconduct, and the required whistleblower policies and procedures play an important role in encouraging appropriate disclosures. We expect all regulated entities to be ready to discuss and demonstrate the application of their policies and procedures when engaging with the DFSA,” said F. Christopher Calabia, CEO of the DFSA.
The regulator has set up a specific DFSA Whistleblowing email address – whistle@dfsa.ae – where a regulatory concern can be reported directly to it regardless of whether an internal report has been made.
Changes were made to the Regulatory Law 2004 to enhance the legal protection provided to persons who report suspected misconduct internally within the entity or externally to their auditor, the DFSA or a law enforcement agency
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It said any information reported to the DFSA is treated confidentially and will respond to that report within 28 working days of receiving it. This would include an initial assessment of the report and potential requests for further information.
waheedabbas@khaleejtimes.com
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