An investigation revealed that the sanctioned entity collaborated with an overseas company to engage in practices that targeted investors within the UAE.
The company falsely suggested that the foreign partner was licensed by the Authority, with investigators determining the intent was to misappropriate client funds.
The violations confirmed by the Authority included breaches of anti-money laundering (AML) laws, counter-terrorism financing regulations, and measures related to the funding of organisations engaged in unlawful activities.
The SCA stated that the referral of the case to judicial authorities demonstrates “the Authority’s unwavering commitment to transparency and to upholding the highest standards of regulatory compliance.”
By escalating the case to the courts, the regulator said it had “reaffirmed its commitment to transparency, deterrence, and regulatory compliance, in line with international best practices.”
The Authority emphasised its approach to supervision, stating it maintained “strategic focus on oversight, risk-based supervision, and compliance enforcement, all of which support the UAE’s positioning as a trusted and competitive financial hub.”
The case marks the latest in a series of enforcement actions by the SCA. Earlier this year, the Authority announced financial penalties totalling AED 1.15 million against companies since the beginning of January 2025, demonstrating continued regulatory scrutiny of the UAE’s financial services sector.
