UAE: SCA imposes Dhs1.15m in penalties on firms for AML/CFT violations
The SCA has announced a series of financial penalties against those companies since the beginning of January
The Securities and Commodities Authority (SCA) has imposed stringent financial penalties on several companies for violating regulations and failing to comply with anti-money laundering and counter-terrorism financing (AML/CFT) rules.
The total fines levied since the start of January amount to Dhs 1.15m.
The penalties include Dhs650,000 for breaches of various financial regulations, alongside an additional Dhs500,000 for non-compliance with AML/CFT provisions and for promoting activities outside the scope of the companies’ licenses granted by the SCA.
SCA to continue its efforts to enhance transparency
These measures reflect the SCA’s commitment to safeguarding the integrity of the UAE’s financial markets, ensuring transparency, accountability, and a secure investment environment.
The SCA’s regulatory framework aims to uphold international standards and best practices in market governance and investor protection.
Waleed Saeed Al Awadhi, CEO of the SCA, stated, “These actions reaffirm the SCA’s commitment to safeguarding the integrity of financial markets in the UAE through a strict regulatory framework that ensures accountability, transparency, and compliance. By taking firm action against illegal conduct, we send a clear message that the SCA will not tolerate non-compliance. These measures are crucial for protecting investors, while maintaining the integrity of financial markets in the country.”
Al Awadhi emphasised that the SCA will continue its efforts to enhance transparency, protect investors, and maintain the highest standards of integrity in the financial sector. The authority remains committed to ensuring that all companies comply with the highest ethical standards and regulations.
The SCA’s regulatory framework is designed to monitor and regulate companies operating within the UAE’s financial markets.
The authority will continue to take decisive measures and provide clear regulatory guidance to strengthen market integrity, ensure investor protection, and reinforce the UAE’s standing as a leading global financial center.
