“Financial Services” prevented him from taking any position in an entity subject to “Dubai International Financial”

Referral of the decision against the official of «La Tresorerie» to «the legality of financial markets»

Dubai Financial Services has restricted Gilles Rollet from conducting any financial services activity in or from the Dubai International Financial Centre.

archival

Yesterday, the DFSA published a Decision Notice regarding the action it has decided to take against Gilles Rollet, a former Executive Officer and Authorized Director of La Tresorerie Limited, a company 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.

Therefore, the decision issued by the DFSA has become temporary, and it reflects its beliefs about the observed behaviour.

resolution

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 determine the appropriate action to be taken by the DFSA, if any, and will refer the matter to the DFSA, 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 the agency's review.

Multiple violations

The DFSA stated that it had taken action against Rollet for (in its view) multiple violations of its legislation and his knowingly participating in La Tresurererie's actions of illegally providing cash to its clients, in breach of 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, Roulette 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 also 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.

misinformation

The authority’s statement continued: “Mr. Rollet denies all allegations of the DFSA regarding his knowingly involvement in illegal monetary services. Furthermore, in a voluntary interview with the DFSA in 2019, he presented what appears to False, misleading and deceptive information about his involvement in providing illegal monetary services.

Rollet also denies all allegations of the DFSA having provided it with false, misleading and deceptive information.

The DFSA pointed out that the detailed reasons for the action taken by it against Rollet were explained in the notification of the decision issued by the Authority on December 29, 2020, which can be found in the Regulatory Actions section of the DFSA website.

The Dubai Financial Services Authority confirmed that it does not intend to make any public comment until the review is completed by the Authority, except in the event that any errors must be corrected.

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