UAE: Dh5 million fine imposed on firm for violating money laundering, terrorism financing laws
The action follows confirmed violations of anti-money laundering (AML) laws, counter-terrorism financing regulations, and measures related to the funding of illicit organisations.
An in-depth investigation revealed that the entity in question, in collaboration with an overseas company, engaged in deceptive practices targeting investors within the UAE by falsely suggesting that the foreign company was licensed by the Authority, with the intent of misappropriating client funds.
The referral of the case to the competent judicial authorities underscores the Authority's unwavering commitment to transparency and to upholding the highest standards of regulatory compliance.
By escalating the case to judicial authorities, the SCA reaffirmed its commitment to transparency, deterrence, and regulatory compliance, in line with international best practices.
The SCA reiterated its strategic focus on proactive oversight, risk-based supervision, and strict compliance enforcement, all of which support the UAE's positioning as a trusted and competitive global financial hub.
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