Senior Visa official lauds progressive steps taken by the UAE
Former private banker Peter Georgiou has been fined $980,020 (about Dh3.6 million) for misleading conduct and his involvement in the violations of his former employer, Mirabaud (Middle East) Limited (MMEL), said the Dubai Financial Services Authority (DFSA).
Georgiou, a former private banker at MMEL, has also been banned from holding any office or working for a DFSA-authorised firm and is restricted from providing financial services in the Dubai International Financial Centre (DIFC).
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The DFSA found that Georgiou lacked integrity and was unfit to work in the DIFC’s financial sector. Specifically, the authority discovered that the former banker:
In July 2023, the DFSA fined MMEL $3 million for having inadequate AML systems and controls. Georgiou was found to have played a role in MMEL’s failure to:
Ian Johnston, chief executive of the DFSA, said: “The DFSA expects those working in financial services within the DIFC to comply with the DFSA’s AML rules. We also expect firms and individuals to engage with the DFSA in an open and honest manner, and to uphold the highest standards of integrity.
"The DFSA remains committed to holding those who fail to meet these expectations to account. The sanctions imposed on Georgiou reflect the severity of his misconduct and serve as a strong warning to others who may consider engaging in similar behaviour.”
The DFSA's decision notice is available in the regulatory actions section of its official website.
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