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DFSA fines Arqaam Capital over money laundering rules.


The Dubai Financial Services Authority (DFSA) said it has fined Arqaam Capital $50,000 (Dh183,652) after investigations into the investment bank compliance with anti-money laundering (AML) obligations.

"The risk assessment identified a number of deficiencies in Arqaam's AML systems and controls, assessment of customer AML risks and customer due diligence (CDD) practices," the regulator said in a statement.

The DFSA is concerned that Arqaam may not have acted with due skill, care and diligence; ensured that its affairs were managed effectively and responsibly; and complied with certain DFSA AML Rules requirements.

Arqaam will engage an independent compliance expert to assist the firm to remedy the AML deficiencies the DFSA has identified and any other issues the expert may identify, it added.

Arqaam cooperated fully at an early stage of the DFSA investigation.

"Having robust and effective anti-money laundering (AML) systems and controls, including customer AML risk assessments and CDD practices, are important in deterring financial crime. Firms should review their AML systems and controls regularly and ensure staff are given appropriate training concerning the firm's AML responsibilities," Ian Johnston, Chief Executive of the DFSA said in a statement.

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Publication:Gulf News (United Arab Emirates)
Date:Jul 30, 2015
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