The Dubai Financial Services Authority, the regulator of the Dubai International Financial Centre, has imposed a fine of $373,842 on FFA Private Bank for failing to ensure that its systems were able to contain market abuse.
The lender had “inadequate systems and controls to identify, assess and report suspicious and potential market abuse between February 2018 and March 2021", the DFSA said on Thursday.,
FFA provides services across private wealth management, online trading and capital markets from its Dubai base.
The move comes after the regulator imposed a prohibition on FFA on May 18, 2021, banning it from receiving, arranging or executing orders from or on behalf of specific clients.
The prohibition was lifted two months later after the lender was able to demonstrate to the DFSA that it had addressed the weaknesses in its systems and controls.
The latest action “concludes the DFSA’s investigation into these failings", the regulator said.
“Authorised firms are the first line of defence in protecting the integrity of financial markets," said Ian Johnston, chief executive of the DFSA.
“By failing to ensure that it had effective arrangements in place to identify instances of suspicious trading by its clients, FFA facilitated trading which had the characteristics of market abuse for a long time."
Although the DFSA acknowledged that FFA fully co-operated with its investigation, it said there was “an unacceptable risk" that the bank may have indirectly enabled market abuse.
“The weaknesses in FFA’s systems and controls meant that FFA failed to identify or properly assess a significant number of instances of suspicious trading which, based on the information available, should have been reported to the DFSA,” the regulator said.
The DFSA identified instances of trading by two specific clients during the relevant period that had the characteristics of market abuse.
FFA outsourced responsibility for the monitoring and assessment of client trading. However, it “failed to effectively supervise these activities", the regulator said.
“This case serves as a reminder that firms cannot rely blindly on those to whom they delegate responsibility for the performance of key compliance activities," Mr Johnston said.
“Steps must be taken to ensure processes are operating effectively as it is ultimately the authorised firm that will be accountable if things go wrong,”
The years Ramadan fell in May
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
Brief scores:
Toss: Rajputs, elected to field first
Sindhis 94-6 (10 ov)
Watson 42; Munaf 3-20
Rajputs 96-0 (4 ov)
Shahzad 74 not out
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
IF YOU GO
The flights
FlyDubai flies direct from Dubai to Skopje in five hours from Dh1,314 return including taxes. Hourly buses from Skopje to Ohrid take three hours.
The tours
English-speaking guided tours of Ohrid town and the surrounding area are organised by Cultura 365; these cost €90 (Dh386) for a one-day trip including driver and guide and €100 a day (Dh429) for two people.
The hotels
Villa St Sofija in the old town of Ohrid, twin room from $54 (Dh198) a night.
St Naum Monastery, on the lake 30km south of Ohrid town, has updated its pilgrims' quarters into a modern 3-star hotel, with rooms overlooking the monastery courtyard and lake. Double room from $60 (Dh 220) a night.
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The five pillars of Islam
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Zayed Sustainability Prize
More on animal trafficking
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Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
Daniel Bardsley
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
Power: 462hp
Torque: 650Nm
Price: Dh600,000
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
UAE currency: the story behind the money in your pockets
Zayed Sustainability Prize
Honeymoonish
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MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
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Killing of Qassem Suleimani
