The Dubai Financial Services Authority today published a notice of decision against Vidas International Marketing Management for making false and unauthorized financial advertising in relation to Multibank Group.
According to a press release published today, the Authority imposed a fine of $100,000 US dollars, equivalent to 367,000 dirhams, on Vidas Marketing for the following reasons: making unauthorized financial advertising half of the Multibank Group for people within the Dubai International Financial Center; And engaging in false and fraudulent activities by claiming that certain entities within the Multibank Group are regulated by the Dubai Financial Services Authority, while none of these elevated entities are regulated by the Authority.
Multibank Group provides trading platforms, and the authority did not file allegations of violations against the group in the decision notice.
On June 2, 2024, Vidas Marketing appealed against the Authority’s findings in the decision notice and referred the case to the Financial Markets Authority, but on July 22, 2024, the Authority ordered of the Financial Markets without taking into account the reference directed to him as a result of Vidas’ failure to pay Application Fees.
Ian Johnston, CEO of the Dubai Financial Services Authority, said that preserving the integrity and reputation of the DIFC is our top priority, and that the authority will not tolerate or hesitate to take strong action against companies that mislead consumers. in relation to the regulatory standard to ensure the prevention of such behaviour.
2024-11-05 13:16:00
#Dubai #Financial #Services #fining #company
