The Dubai Financial Services Authority (DFSA) has accepted an Enforceable Undertaking (EU) from Rasmala Investment Bank Limited (RIBL), a company incorporated in the Dubai International Financial Centre and a DFSA Authorised Firm.

The EU resulted from DFSA concerns about RIBL’s anti-money laundering (AML) systems and controls, and about whether it had carried out the Financial Service of Providing Custody to its clients without being licensed to do so.

Though RIBL does not agree with the DFSA’s findings, it acknowledges the DFSA’s concerns and agrees to engage an independent expert to ensure that the concerns are remedied.

RIBL also agreed to pay a financial penalty of USD 60,000 (AED 220,200) to the DFSA of which USD 30,000 (AED 110,100) is payable on or by 17 November 2016.  The remaining USD 30,000 (AED 110,100) is suspended indefinitely and becomes payable if RIBL fails to comply with the EU.

The DFSA acknowledges that RIBL co-operated fully with the DFSA’s inquiries, and has already carried out significant remedial work.

Mr Ian Johnston, Chief Executive of the DFSA said: “The DFSA’s action again highlights the importance of firms having robust and effective AML systems and controls. The DFSA also reminds firms to operate within the scope of their licence. The DFSA urges firms to review their systems and controls and operations regularly, and to identify and remedy any concerns.” 

A copy of the Enforceable Undertaking can be found in the Public Register of the DFSA website under
Regulatory Actions