DFSA fines bank Mirabaud $3m for anti-money laundering controls failings

The Dubai Financial Services Authority issued a statement stating that it imposed a fine of $3,022,500 (Dhs11,100,131) on the bank Mirabaud (Middle East) Limited for having inadequate anti-money laundering (AML) systems and controls between June 2018 and October 2021. The penalty includes disgorgement of $975,000 (Dhs3,580,687), reflecting the economic benefit…