The Dubai Financial Services Authority announced yesterday that La Tresore Limited was fined 612,790 dollars (about two million 250,800 dirhams), including 261,154 dollars (approximately 960,000 dirhams), in addition to the interest as a return for gains Illegal the company received.
The Dubai Financial Services Authority stated in a statement that it had taken this action against "La Trezuri" (a company licensed by it) due to numerous and serious violations of the authority's laws, mainly arising from its continued practice of providing cash services to its clients (illegal cash services). This action against the company comes to deter others and protect customers.
According to the statement, these illegal cash services continued to be provided regularly for nearly two years, during the period from February 2015 to January 2017, when these services were carried out with the knowledge and participation of the senior management of "La Tresore" during that period.
The current senior management of the company was not involved in providing illegal cash services, as it reported it to the Dubai Financial Services Authority, as soon as it was discovered.
These illegal cash services included: using false bills and transferring clients ’funds to unregulated companies outside the DIFC, in addition to transferring large amounts of cash from the UAE to a foreign country with high risk of money laundering operations, as well as misleading the company" La Trezori " »The entity in charge of client funds and a bank regarding the nature and purpose of certain transactions when performing due diligence measures to combat money laundering, in addition to a catastrophic failure by the company to conduct its business with integrity. Dubai Financial Services Authority investigations showed more than 100 transactions of illegal cash services ranging in value from 2560 euros (about 10 thousand dirhams) to 500 thousand euros (about two million dirhams).
The total amount of cash provided by the company "La Trezori" was more than $ 7.3 million (27 million dirhams), and the fees received by the company were equivalent to approximately $ 220,000 (800,000 dirhams).
Clear violation
"The illegal cash services provided by (La Tresuri) constituted a clear violation of the rules of the Dubai Financial Services Authority, and this was further exacerbated by the efforts of the senior management to conceal this activity," said Brian Sterault, CEO of the Dubai Financial Services Authority. He added, "The company's practice of this activity indicates the lack of its integrity, which exposed it to great risks in terms of its exploitation for the purposes of money laundering, in addition to exposing clients' money to risk." "We will always make sure to take firm measures against any company or individual who exposes the DIFC to these risks," Styault said.
100
An illegal cash service transaction provided by the company.