The Dubai Financial Services Authority (DFSA) has fined Vedas International Marketing Management (Vedas Marketing) for running unauthorised and misleading financial promotions.
A fine of $100,000 (AED 367,000) has been imposed on the firm for promoting financial services related to the Multibank Group to individuals in the Dubai International Financial Centre (DIFC) without proper authorisation.
Vedas Marketing was also pulled up for falsely claiming that certain entities within the Multibank Group were regulated by the DFSA, when, in fact, they were not.
The DFSA has made no allegations of wrongdoing against the Multibank Group itself.
In June, Vedas Marketing challenged the DFSA’s findings by referring the case to the Financial Markets Tribunal. However, the tribunal dismissed the case in July after Vedas Marketing failed to pay the necessary filing fee.
Ian Johnston, Chief Executive of the DFSA, said the regulator is committed to protecting the DIFC’s reputation, adding that it will take strong action against any firm found misleading the public about its regulatory status.
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