The DFSA expects regulated DIFC participants to evidence a strong compliance culture, and to recognise that it is in the interests of the financial services industry for them to meet or exceed the required standards. When these standards are not met, enforcement action may become necessary.
The DFSA is empowered to conduct investigations into suspected contraventions of the legislation it administers, and may exercise its powers to conduct inspections, compulsorily obtain books and records, or require individuals to participate in interviews under oath or affirmation. The DFSA refers any conduct which could constitute a breach of criminal law to the relevant local, Federal or international authority.
In general, the DFSA uses its enforcement powers only to the extent that is necessary to achieve its objectives, and in a way that ensures the legitimate activities of participants in the DIFC continue freely.