Dubai’s monetary watchdog took motion towards AFTL for carrying on enterprise as a vendor in valuable metals and valuable stones in or from the DIFC with out being, or having ever been, registered with the DFSA as a Designated Non-Monetary Enterprise or Career (DNFBP), because it was required to be.
“The DFSA notes that sellers in valuable metals and valuable stones are included in typical cash laundering typologies and, by failing to register as a DNFBP, AFTL was not supervised by the DFSA in relation to the necessities in DFSA administered laws, which created critical dangers of cash laundering within the DIFC,” it mentioned in an announcement on Wednesday. “Nonetheless, the DFSA doesn’t allege that AFTL engaged in cash laundering.”
The DFSA additionally imposed a penalty of $11,340 (Dh41,650) after FCL agreed to settle, which led the DFSA to use a settlement low cost. The DFSA took motion towards FCL for its failure to, amongst different issues, submit a variety of regulatory returns by the desired deadlines regardless of a variety of reminders. This included the failure to submit its annual AML Return.
“The DFSA has taken a zero-tolerance strategy to failures to adjust to anti-money laundering necessities in DFSA administered laws,” mentioned Ian Johnston, Chief Government of the DFSA. “The DFSA will take applicable motion to make sure corporations meet their obligations on this regard. The DFSA will take applicable motion towards such breaches.”