The financial watchdog said the fine follows and is connected to the prohibition that was imposed on the lender in May 2021
The penalty includes disgorgement of $975,000, reflecting the economic benefit Mirabaud gained from its violations in the form of fees and commissions
The global investment firm has secured DFSA licence to locally service and advise clients
The agreement provides a framework for facilitating cross-border collaboration between the two authorities on supervision and enforcement actions
The agreement provides a framework for further co-operation between the two authorities on regulation, policy and trends in financial services and markets
US-based Lord Abbett joins more than 250 leading wealth and asset managers at DIFC
This licence marks the first time the DFSA has authorised a firm to provide account information services and payment initiation services activities
Abraaj, which was one of the biggest private equity firms in the MENA region, went into liquidation in 2019
Abraaj, which was headed by financier Arif Naqvi, went into liquidation in 2018
The authority has also restricted him from performing any function in connection with the provision of financial services in or from the DIFC
The tribunal noted that Shailesh Dash exhibited “a formidable mastery of the arguments”