Dubai’s financial regulator has censured the local unit of Danish forex bank, Saxo Bank, for violating anti-money laundering rules and systems, Bloomberg reports. As per the Dubai Financial Services Authority (DFSA), Saxo Bank Dubai’s failure increased the risk of the bank’s business in Dubai being used for money laundering.
The bank broke the rules related to taking on clients and DFSA’s anti-money laundering systems by failing to obtain sufficient verification of clients’ identities, permanent addresses and sources of wealth, as well as performing ongoing due diligence on clients. The bank also failed to examine client transactions and set up and maintain appropriate controls in relation to politically exposed persons.
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