The Dubai Financial Services Authority (DFSA) has imposed penalties on two DIFC-based firms for regulatory breaches.
Alessandro Faro Trading Ltd. (AFTL) was fined $25,200 (AED 92,610) for dealing in precious metals and stones without registering as a Designated Non-Financial Business or Profession, which created serious risks of money laundering.
However, the DFSA does not allege that the firm engaged in money laundering.
Dubai's financial watchdog also fined Fius Capital Limited $11,340 (AED 41,650) for failing to submit a number of regulatory returns despite several reminders.
This included the company's failure to submit its annual Anti-Money Laundering (AML) return.
The penalties would have been much higher had the two firms not agreed to settle the matter with the authority.
Were it not for the settlement, the DFSA would have imposed a penalty of $36,000 (AED 132,300) on AFTL and a penalty of $32,400 (AED 119,000) on FCL.
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