A company official in Dubai objects to the decision to fine him and take any position

Today, the Dubai Financial Services Authority has published a Notice of Decision regarding the action it has decided to take against the former Executive Officer and Authorized Director of La Tresorerie Limited, Gilles Rollet, a firm authorized by the DFSA.

"Dubai Financial Services" reported that Rollet objected to the findings of the authority, and referred the decision issued against him to the Legal Authority for Financial Markets, so that the case would be presented by both parties before it, so the decision issued by the Dubai Financial Services Authority became temporary, which is Reflects her beliefs about the observed behaviors.

According to the statement, the DFSA has decided to fine Rollé an amount of $175,000, ban him from holding any position or employment in a regulated entity in the DIFC, and restrict him from engaging in any activity related to the provision of financial services in or from the DIFC. .

The Financial Markets Authority will decide the appropriate action to be taken by the DFSA, if any, and will refer the matter to the Authority, with such directions as it deems appropriate to enforce its decision, at a time when the Authority's decision may be upheld, changed or reversed as a result of a review Commission.

The DFSA stated that it took action against Rollet for (in its view) multiple violations of its legislation and his knowingly participating in the actions of La Tresurere of illegally providing cash to its customers, in breach of the DFSA rules ( Illegal cash services), pointing out that Dubai Financial Services had previously taken measures against La Tresurererie as a result of its misconduct.

Dubai Financial Services determined that the illegal cash service was practiced between February 2015 and January 2017, and included, in the DFSA’s view, the use of false invoices and transfer of customer funds to unregulated companies outside the DIFC;

Intermittent transfer of cash from the UAE to a foreign country.

According to the DFSA's belief, Roulet was knowingly involved in the provision of illegal monetary services, by granting him consent to conduct the service, and in some cases facilitating it through the use of his own bank account, and was directly involved in the delivery of funds to the company's clients.

The authority found that Rollet, by virtue of his position, was ultimately responsible for the company's activities.

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