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"Dubai Financial Services" imposes a fine on "Inis Limited" by 386 thousand dirhams

2020-02-26T01:59:22.364Z

The Dubai Financial Services Authority announced yesterday that it imposed a fine on the representative office of Enness Limited (an amount of 105 thousand dollars (about 386 thousand dirhams), because of engaging in unauthorized activities outside the scope of its license. , To be represented as representative office may



The Dubai Financial Services Authority, yesterday, announced that it imposed a fine on the representative office of Enness DIFC, amounting to 105 thousand dollars (about 386 thousand dirhams), because of practicing unauthorized activities outside the scope of its license.

In a statement yesterday, the Authority indicated that, as a representative office, Ennis Limited may engage in a limited set of activities related to the marketing of mortgage services provided by its head office in the United Kingdom.

The DFSA's investigations concluded that between November 2017 and January 2019, the representative office of Inis Limited arranged real estate loans for its clients and provided mortgage advice, although these activities are not permitted, as these actions are outside the scope of the office's license. Representative, in violation of the Dubai Financial Services Authority laws.

It is reported that «Inis Limited» has cooperated fully with the Dubai Financial Services Authority throughout the investigation period, and is now seeking to obtain the appropriate license that allows it to engage in a wider range of financial services, to arrange credit for its clients and provide advice on them.

Ines Limited agreed to settle at an early stage of the investigation, and accordingly, according to the policy of the Dubai Financial Services Authority related to early settlement, the company deserved a reduction in the amount of the fine, and had it not been for the reduction, the fine imposed on Inis Limited would reach $ 150,000 (about 551 thousand dirhams). "This measure reflects the rigor of the Dubai Financial Services Authority by taking appropriate measures regarding the failure of representative offices to dispose of within the scope of their licenses, we expect all representative offices in the Dubai International Financial Center to understand what they are authorized to do," said Brian Sterolatt, CEO of the Dubai Financial Services Authority. By it, and to have effective controls ensuring that it only practices authorized activities. ”

The detailed reasons for the action imposed by the Dubai Financial Services Authority against "Ennis Limited", was clarified in the notice of the decision issued on February 24, which can be accessed within the regulatory procedures section of the website of the Dubai Financial Services Authority.

The fine of the office was the result of engaging in unauthorized activities outside the scope of its license.

Source: emara

business 2020/04/07    

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