Mirabaud fined $3m by Dubai FSA over AML failings

Mark Battersby
clock • 3 min read

The Dubai Financial Services Authority (DFSA) has imposed a fine of $3,022,500 (AED 11,100,131) on bank Mirabaud (Middle East) for having inadequate anti-money laundering (AML) systems and controls between June 2018 and October 2021. In a statement on 1 august, the DFSA said the fine includes disgorgement of $975,000 (AED 3,580,687), which represents Mirabaud's economic benefit from its contraventions in the form of fees and commission. Mirabaud agreed to settle the matter, reducing the fine from USD 3,900,000 (AED 14,322,750), the statement further said.  The DFSA found that weakn...

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