The Financial Market Authority has taken strict measures against a group of companies that violated financial regulations and did not adhere to the rules for combating money laundering and terrorist financing, where financial penalties totaling up to 1.15 million dirhams have been imposed since the beginning of the year. The penalties imposed amounted to around 650 thousand dirhams on the violating companies and investors, in addition to 500 thousand dirhams on other companies due to non-compliance with anti-money laundering and terrorist financing rulings, and promoting activities outside the licensing scope.
Waleed Saeed Al-Awazi, the Chief Executive Officer of the Authority, clarified that these measures are meant to confirm the Authority's commitment to protecting the integrity of the financial markets and establishing a secure investment environment. Al-Awazi pointed to the Authority’s continued efforts to enhance transparency and protect investors, and ensure companies adhere to the highest standards of integrity in the financial sector.
The Authority applies a global regulatory system on the companies operating in the financial markets of the state, along with its continued efforts to take strict measures and organizational guidance to achieve its objectives in protecting investors and ensuring the integrity of financial markets.
