The Securities and Commodities Authority (SCA) has fined a licensed company Dh5 million for violations related to anti-money laundering (AML) and counter-terrorism financing laws, and has referred the matter to the Public Prosecution for legal action.
The penalty is the largest issued by the SCA to date. According to the regulator, the company collaborated with a foreign entity to promote investment schemes by falsely claiming that the SCA licensed the overseas firm. The aim was to mislead local investors and misappropriate client funds.
The SCA said an internal investigation confirmed the violations and led to the decision to escalate the matter to the competent judicial authorities. The move aligns with the Authority’s enforcement mandate and the UAE’s broader strategy to combat financial crime.
The name of the company involved has not been disclosed. Judicial proceedings are expected to follow.
