https://www.khaleejtimes.com/uae/uae-dh115-million-total-fine-imposed-on-companies-for-violating-laws-non-compliance-with-anti-money-laundering-provisions

The SCA imposed fines totalling Dh1.15million on companies for non-compliance with provisions combating money laundering and terrorist financing, and violations of regulations.

Since beginning of January this year, the fines imposed on companies and investors violating regulations and laws amounted to approximately Dh650,000.

In addition, Dh500,000 was imposed on companies due to their failure to comply with the provisions of combating money laundering and terrorist financing, and promoting activities outside the scope of the license granted to them by the authority.

Waleed Saeed Al Awadhi, CEO of SCA, stated: “Taking strict measures against illegal actions sends a clear message that the authority will not tolerate cases of non-compliance. These measures are necessary to protect investors and maintain the integrity of the country’s financial markets.”

Al-Awadhi stressed that the authority will continue its commitment to enhancing transparency and protecting investors, while continuing its regulatory efforts to ensure the highest standards of integrity in the financial sector, as part of its strategy to ensure that all companies adhere to the highest standards of compliance and ethical conduct.