The Dubai Financial Services Authority (DFSA) has fined Peter Georgiou Dh3.59 million ($980,020) for misleading and deceptive conduct and for his involvement in breaches of DFSA rules by his former employer, Mirabaud (Middle East) Limited (MMEL), where he worked as a private banker.
In addition to the financial penalty, the DFSA has prohibited Georgiou from holding any office or being employed by a DFSA Authorised Firm. He is also banned from performing any function related to financial services within or from the Dubai International Financial Centre (DIFC).
The DFSA concluded that Georgiou lacked integrity and was unfit to be involved in financial services within the DIFC. The investigation found that Georgiou:
- Knowingly provided misleading information to MMEL’s compliance team and withheld relevant information to bypass MMEL’s anti-money laundering (AML) systems and controls.
- Sent a forged, deceptive, and misleading email to a client.
- Provided false and misleading information to the DFSA during an interview.
In July 2023, the DFSA fined MMEL $3 million for inadequate AML systems and controls. Georgiou was found to be knowingly involved in MMEL’s failure to:
- Conduct due diligence on existing customers, particularly when there was doubt about the accuracy of provided documents or suspicion of money laundering.
- Adequately assess clients’ financial markets experience when classifying them as Professional Clients.
“The DFSA remains committed to holding those who fail to meet these expectations to account,” said Ian Johnston, CEO of the DFSA. “The sanctions imposed on Georgiou reflect the severity of his misconduct and serve as a strong warning to others who may consider engaging in similar behaviour.”
