Dubai Financial Services Authority (DFSA)

Our Director of Financial Crime Conduct, Supervision, Sara Kalban, hosted a panel at the National Summit on Financial Crime Compliance organised by the Central Bank of the United Arab Emirates (CBUAE) looking at collaboration between supervisory authorities. Speaking alongside Maroof Saiyed, Mohammed Sultan Janahi, and Marius Laurinaitis, the panel explored the frameworks and practices that enhance cooperation among our supervisory bodies, fostering a robust environment for compliance and oversight. As we navigate an increasingly interconnected regulatory landscape, effective joint supervision and information sharing are more critical than ever. The Financial Action Task Force (FATF) standards underscore the importance of collaboration between supervisory authorities in several key areas, including joint supervision and information sharing. Thank you to the panellists and to all those who attended what was an engaging discussion. #AML #CBUAE #FATF #Regulation #regulator #DFSA #financialcrimecompliance #financialcrime #supervisory #supervision

We are pleased to announce the publication of our Thematic Review on Money Services Providers (MSPs), assessing their management of Operational Risk and compliance with the PIB Module of the DFSA Rulebook. This review highlights the importance for MSPs to adopt robust risk management frameworks, strong customer authentication, and effective fraud detection measures. We thank all authorised firms for their cooperation and remind MSPs to maintain ongoing engagement with the DFSA on compliance matters. Access the full Thematic Review here: https://lnkd.in/gy-6Hjzv #DIFC #DFSA #MoneyServices #MoneyServicesProviders #UserSecurity #UserSecurityCredentials #FraudDetection #FraudPrevention #FraudulentTransactions #StrongCustomerAuthentication #regulation #regulator #compliance #operationalrisk

We are excited to be part of GITEX GLOBAL Largest Tech & Startup Show in the World, taking place from 14-18 October at the Dubai World Trade Centre. From our Innovation Testing Licence to Crypto Token regulation and Cyber Threat Intelligence Platform, discover how the DFSA is fostering innovation while maintaining a secure and regulated environment in the DIFC. As a reminder, our explainer on the regulation of Crypto Tokens is available here: https://lnkd.in/dDxygQna Meet us at the Digital Dubai exhibition area. See you next week! #GITEX2024 #DigitalDubai #Crypto #Regulation #Regulator #FinTech #Innovation #CyberSecurity #DFSA #DIFC 

Exciting news for Crypto innovators! We have launched a detailed explainer on the regulation of Crypto Tokens in the DIFC. Whether you’re curious about which Tokens are recognised, how to get a Token approved, or what the DFSA’s stance is on stablecoins, this publication has it all. Read more and dive into the details here: https://lnkd.in/d4mVzZp8

We would like to draw your attention to a scam involving a fake bank statement claiming that the account has been “temporarily suspended” by the DFSA. The statement is purportedly issued by a legitimate bank with an address at the DIFC. The DFSA informs you that it does not temporarily suspend current bank accounts. The bank issuing the fake statement had a branch registered at the DIFC that was authorised by the DFSA to conduct certain Financial Services in, or from, the DIFC, but it was not authorised by the DFSA to accept deposits. Please also note that the DFSA licence for this branch was withdrawn well before the fake statement was issued. The DFSA issues warnings and guidance on common scams, including Advance Fee scams where consumers are required to pay a fee before receiving promised stocks, services, money, or products which they ultimately are never given. For more information on these scams, please visit: https://lnkd.in/dwhmT7CY You can also access the DFSA alerts page through https://www.dfsa.ae/alerts If you have concerns about the authenticity of any correspondence or documents claiming to be issued by the DIFC, DFSA, or a DFSA-regulated firm, please contact the DIFC at Tel: +971 4 362 2222 and the DFSA through the Complaints function at: https://lnkd.in/em9Q_ujY

We are seeking experienced professionals to join our dynamic team in the following roles:   • Associate Director, Legislation – Policy & Legal (application deadline: Thursday 3 October 2024) • Senior Manager, Conduct – Supervision (application deadline: Thursday 3 October 2024) • Officer, Markets, Strategy & Risk (application deadline: Wednesday 9 October 2024)   Why join the DFSA? You will be part of an innovative, forward-thinking organisation dedicated to driving impactful initiatives and safeguarding the integrity of financial markets in the UAE. If you have expertise in legislation, policy, supervision, market strategy or risk management, we want to hear from you!   For more details and to apply, click here: https://www.dfsa.ae/career   #hiring #recruitment #financialservices #policy #legal #legislation #supervision #conduct #regulation #marketstrategy #riskmanagement #job #dfsa #UAE #Dubai

The DFSA was delighted to join LSEG (London Stock Exchange Group) and Principles for Responsible Investment in Dubai for their recent roundtable on Islamic Green Finance: Building further momentum. As sustainable and ethical finance gains impetus, the integration of Environmental, Social, and Governance (ESG) criteria alongside Sharia compliance in financial products is becoming increasingly vital. This dual approach ensures that investments not only align with ethical and social standards, but also adhere to Islamic finance principles, promoting responsible stewardship and community welfare. Conversation at the roundtable therefore centred on the harmonisation of ESG principles with Sharia compliance, and on enabling issuers to attract a wider range of investors, enhance their reputation, and contribute positively to society. We’re proud that the DIFC has, and continues to, consolidate its position as the world’s largest ESG sukuk market and one of the largest listed sukuk market, with a value of USD 16.9 billion and USD 92.4 billion respectively. Additionally, the Centre hosts 47 ESG securities worth USD 29.9 billion listed on Nasdaq Dubai, cementing its role as a major player in sustainable finance. #DFSA #DIFC #ESG #greenfinance #sustainablefinance #ethicalfinance #shariacompliance #islamicfinance #ESGprinciples #sukuk #sukuk #ESGsukuk

Calling all recent UAE Graduates! Kickstart your career with an exciting opportunity to gain hands-on experience and develop your skills in a dynamic and supportive environment. Our Bawabaty Internship Programme offers a unique chance to work alongside industry professionals, and grow your professional network, within the heart of DIFC’s financial markets. Ready to take the next step? Apply here: https://lnkd.in/dksa5pXT and make the most of this opportunity to shape your future career! The Bawabaty Internship will run between 14 October to 3 January 2025. Deadline: Friday 4 October 2024 #Internship #DFSA  #DIFC

We would like to draw your attention to a scam regarding a fake letter in which the DFSA, the Chairman of the DFSA, and the UAE Financial Intelligence Unit were impersonated. The letter was sent to a member of the public and relates to a no objection certificate which purports to be from the DFSA’s Chairman. The letter refers to a “DEPARTMENT OF SERVICE COMPLIANCE” and is titled: “RE: NO OBJECTION CERTIFICATE FOR FUNDER FULL DISCLOSURE” The letter states: “Bearing your application reference 20241509 and request to secure a "No Objection Certificate" (NOC) dated 15th of August 2024 permitting you to make a FULL DISCLOSURE of the Funder's Identity… and having paid the Statutory ($1,635.00) as well as providing all supporting and required documental evidence to establish your Prove of Purpose. Please be informed that after the Compliance's review of your request… You are… granted the PERMISSION as well as NO OBJECTION to provide the information as requested by the Banks being part of the Zimbabwe's Central Bank's Regulatory Compliance.” The letter then lists the net fee and total chargeable amount as USD70,000 or AED equivalent. The DFSA informs you that: - the letter is false, fraudulent and was not sent by the DFSA; - the letter is false, fraudulent and was not sent by the UAE Financial Intelligence Unit; -the DFSA does not provide no objection certificates permitting persons to make ‘full disclosure’ of a ‘funder’s identity’; and - the DFSA does not charge for no objection certificates. In an attempt to make the scam seem authentic, the scammer fraudulently used the DFSA’s logo, the UAE Financial Intelligence Unit’s logo, and the position and signature stamp of the DFSA’s Chairman without permission. We strongly advise you not to respond to any communications regarding this scam, and under no circumstances should you send or give any money to any party connected to the scam. You can access all DFSA alerts page here: https://www.dfsa.ae/alerts If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC, DFSA or a DFSA regulated Firm, direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: https://lnkd.in/em9Q_ujY    

We would like to clarify the regulatory status of Kensington Capital Equity Partners. Kensington Capital Equity Partners is not, and has never been incorporated in the Dubai International Financial Centre (DIFC) nor is it authorised to carry on Financial Services or make promotions in or from the DIFC. To read the full clarification, click here: https://lnkd.in/gaNj7Km3 To check whether a firm or individual is authorised by the DFSA, visit: https://lnkd.in/esk86JpM You can also access the DFSA alerts page through: https://www.dfsa.ae/alerts If you have any concerns about the authenticity of any correspondence or documents that purport to be issued by the DIFC, DFSA or a DFSA regulated Firm, direct your concerns to the DIFC on Tel:+971 4 362 2222 and to the DFSA via the DFSA Complaints function on: https://lnkd.in/em9Q_ujY