Launched by the Dubai Financial Services Authority..a system that provides enhanced legal protection for those who report violations in their companies
The Dubai Financial Services Authority has launched its regulatory whistleblowing system.
And it stated in a statement, that the system is the first of its kind to be introduced in the UAE by a financial services regulator, explaining that it will apply to all entities subject to the regulation of the authority, operating in or from the Dubai International Financial Center.
The system provides enhanced legal protection for people who report misconduct internally within or outside DFSA regulated entities to their auditor, DFSA, or law enforcement authorities.
The system also aims to improve the reporting culture in these entities, by enhancing transparency about how they address and assess regulatory concerns and, where appropriate, escalate those concerns to relevant authorities.
Dubai Financial Services stressed that the entity regulated by the Dubai Financial Services Authority must establish measures to protect the identity of whistleblowers, and protect them from exposure to any harmful consequences.
Christopher Calabia, CEO of the Dubai Financial Services Authority, said: "Whistleblowers play a key role in improving companies' ability to detect, identify and escalate issues related to misconduct," noting that the required policies and procedures contribute significantly to encouraging and urging more disclosures.
"We expect all regulated entities to be prepared to discuss and demonstrate the application of their policies and procedures when dealing with the DFSA," he added.
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