Arab Today, arab today dfsa sanctions credit europe bank
Last Updated : GMT 00:29:47
Arab Today, arab today
Arab Today, arab today

DFSA sanctions Credit Europe Bank

Arab Today, arab today

Arab Today, arab today DFSA sanctions Credit Europe Bank

Dubai - Arabstoday

The Dubai Financial Services Authority (DFSA) announced yesterday that it has accepted Enforceable Undertakings (EU) from Credit Europe Bank (Dubai) Limited (CEBD) and its former Head of Treasury. The undertakings result from a DFSA investigation into trading conducted by the former Head of Treasury on behalf of CEBD. CEBD is a firm authorised to conduct financial services in the Dubai International Financial Centre (DIFC). In May 2011, CEBD’s former Head of Treasury,Ozkan Demirkaya, executed a loss-making foreign exchange transaction on behalf of CEBD. To hide the unrealised loss resulting from that transaction, Demirkaya created a fake forward transaction and caused it to be entered into the accounts of CEBD. The forward transaction concealed the full extent of the unrealised loss arising from the earlier transaction in the accounts of CEBD. In October 2011, after determining that his earlier position was unlikely to recover, Demirkaya disclosed his misconduct and the loss to CEBD. The matter was later reported to the DFSA by CEBD. The DFSA’s investigation found that the fake forward transaction was not prevented or detected by CEBD because CEBD did not have appropriate systems and controls in place to effectively manage its trading functions and activities. The DFSA further found that CEBD failed to notify the DFSA of Mr Demirkaya’s misconduct within an appropriate time. As a consequence of the DFSA’s findings, CEBD has undertaken not to conduct proprietary trading activities until all of the internal control weaknesses identified by the DFSA have been addressed to the DFSA’s satisfaction, and to pay a financial penalty of Dh183,500. “In accepting the undertakings, the DFSA acknowledges that CEBD co-operated fully with the DFSA’s investigation and has taken steps to improve its systems and controls,” said in a statement. Demirkaya has undertaken to the DFSA not to perform any functions in or in connection with the provision of Financial Services or Ancillary Services in the DIFC for a period of three years. He has also undertaken to pay a financial penalty of Dh73,400; of which Dh55,000 has been suspended indefinitely subject to Demirkaya’s compliance with the EU. “The suspended penalty reflects Mr Demirkaya’s acknowledgement of the DFSA’s concerns and his full co-operation with the DFSA’s investigation,” DFSA statement said. “The action taken by the DFSA highlights the importance of firms having robust systems and controls in place to mitigate the risks associated with their activities. Importantly, when firms detect conduct that contravenes DFSA administered laws and rules then there is an obligation on them to promptly disclose that activity to the DFSA A failure to notify the DFSA is likely to result in regulatory action,” said Ian Johnston, Chief Executive of the DFSA. From : Gulfnews

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dfsa sanctions credit europe bank Arab Today, arab today dfsa sanctions credit europe bank

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday