The penalty includes disgorgement of $975,000, reflecting the economic benefit Mirabaud gained from its violations in the form of fees and commissions
These guidelines follow CBUAE’s recently introduced AML/ CFT guidance for licensed financial institutions on risks related to payments
The new guidelines state that licensed financial institutions should have compliance programmes in place to mitigate payment-related risks
The guidance came into effect on Monday, September 13, with licensed financial institutions being given a month to demonstrate compliance
It has been set up within the Court of First Instance and Court of Appeal
He will succeed Bryan Stirewalt with effect from October 1, 2021
The fine was imposed because the individual had no authorisation to undertake a function that required prior approval from the Central Bank
The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework
The financial sanctions were imposed on January 24, 2021