The Dubai Financial Services Authority (DFSA) has fined bank Mirabaud (Middle East) $3 million for having inadequate anti-money laundering (AML) systems and controls between June 2018 and October 2021.
The fine includes disgorgement of $975,000 which represents Mirabaud’s economic benefit from its contraventions in the form of fees and commission.
As Mirabaud agreed to settle the matter, the fine was reduced from $3.9 million.
The DFSA found the weaknes...
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