The Dubai Financial Services Authority (DFSA) has just announced that it has just fined an individual US$52,500 (AED192, 675) and restricted him from performing any function in connection with the provision of Financial Services in or from the DIFC.
Mr Andrew John Grimes did not challenge the DFSA’s findings against him back in 2017 and 2018 and did not pay his fine back then. Therefore, in 2018 the DFSA commenced proceedings in the DIFC Courts to enforce payment of the fine by Mr Grimes, obtained judgment in its favour in May 2018, and he eventually paid his debt in January 2019.
Bryan Stirewalt, Chief Executive of the DFSA, said:
The DFSA ensures that there are real and significant consequences for firms and individuals not complying with our rules while operating in or from the DIFC.
We are committed to our statutory objectives and will take all available and appropriate steps to rigorously enforce any fine we have imposed on a person, regardless of the location of the person or the person’s assets. By doing so, the DFSA seeks to protect direct or indirect users or prospective users of the financial services industry in the DIFC and deter similar breaches by other individuals or firms.