The regulator of Dubai’s financial free zone said on Wednesday it had fined Arqaam Capital US$50,000 after investigating the Dubai-based investment bank over compliance with anti-money laundering rules.
The investigation followed a periodic risk assessment by authorities that identified deficiencies in Arqaam’s systems and controls to prevent money laundering, the Dubai Financial Services Authority said in a statement.
The DFSA said its agreement with Arqaam did not mention any specific contraventions of rules, and that the investment bank cooperated fully at an early stage of the investigation.
Arqaam will engage an independent compliance expert to help remedy deficiencies identified by the regulator and any other issues which may be discovered, the DFSA said.
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December 11 - 20: Dates competition, from 4pm
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December 16 - 19: Falconry competition
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December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
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Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
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