The Securities and Commodities Authority (SCA) says it imposed fines totaling AED 1.15 million on companies violating anti-money laundering and counter-terrorism financing rules since January of this year.
"This includes fines imposed on companies and investors for breaching regulations amounted to approximately AED 650,000; in addition to AED 500,000 were levied on other companies for failing to comply with AML/CFT provisions and promoting activities outside the scope of their SCA-granted licenses," the authority said.
The CEO of the SCA, Waleed Saeed Al Awadhi, said “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.”
The SCA implements a regulatory framework on companies operating in the financial markets in the UAE.
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