Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) has imposed a fine of USD 1,368,767 (AED 5,023,375) on R.J. O’Brien (MENA) Capital Limited (the Firm) for a number of contraventions of DFSA legislation, including for having inadequate compliance systems and controls. The amount of the fine was reduced because, amongst other things, the Firm offered the DFSA an Enforceable Undertaking (EU) to remediate the failings and agreed to settle the matter, reducing the fine amount from USD 2,793,403 (AED 10,251,789). The DFSA found that: the Firm did not undertake sufficient planning and ...