'We are monitoring the situation closely and will amend our flight schedule if required,' the spokesperson noted
uae7 hours ago
A firm was fined by the Dubai Financial Services Authority for multiple breaches of its policies and violations against client funds.
The OCS International Finance Limited was found to have mismanaged Dh168,800 ($46 million) of client funds, and misleading the authority and a bank.
According to a press release issued by the authority, the company was fined Dh2,645,721 ($720,905) after applying a 30 per cent discount, and its Chief Executive Officer was fined Dh682,631 ($186,000).
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
In addition to the fine, the CEO is prohibited from holding any executive position or working as an employee of any licensed firm, designated non-financial business or profession and reporting entity or local fund.
It is also restricted from engaging in any function related to the provision of financial services in or from the Dubai International Financial Centre (DIFC).
Ian Johnston, Chief Executive of the DFSA, said: “Maintaining the integrity of the financial services industry in the DIFC is essential to maintaining investor confidence. All firms and individuals operating in the DIFC must adhere to the highest standards of integrity and good conduct, particularly when dealing with client funds."
"Our enforcement actions are a clear message that the DFSA will not tolerate misleading or obstructive behaviour and will take decisive action to ensure that investors are protected," he added.
ALSO READ:
'We are monitoring the situation closely and will amend our flight schedule if required,' the spokesperson noted
uae7 hours ago
Registration of bidders starts on Monday, October 7, and bidding will take place at Jumeirah Beach Hotel
uae7 hours ago
The country has been successfully producing fresh vegetables, thus boosting supply and giving consumers more affordable options
uae9 hours ago
Starstruck children were seen smiling from ear to ear as they met Sheikh Mohamed
uae10 hours ago
More than 2,000 violations have been detected by the authorities amid new regulations
uae14 hours ago
Rates in Sharjah and Northern Emirates are expected to be lower than the premiums offered in Dubai, say experts
uae17 hours ago
The closure resulted from serious food safety violations and the facility's failure to implement effective corrective measures
uae1 day ago
Special flights are part of an initiative called 'Autumn with Dubai Civil Aviation Authority' launched on International Day for Older Persons
uae1 day ago