The Dubai Financial Services Authority (DFSA) has imposed a fine of USD 980,020 (AED 3,599,613), after settlement discount, on Mr Peter Georgiou, for misleading and deceptive conduct and for being knowingly involved in breaches of DFSA rules by his former employer Mirabaud (Middle East) Limited (MMEL). Mr Georgiou was employed by MMEL as a private banker.
In addition to the financial penalty, the DFSA has prohibited Mr Georgiou from holding office or being an employee of a DFSA Authorised Firm. He is also restricted from performing any function in connection with the provision of financial services in or from the Dubai International Financial Centre (DIFC).
The DFSA determined that Mr Georgiou lacked integrity and is not fit and proper to be involved in the provision of financial services in or from the DIFC. In particular, the DFSA found that Mr Georgiou:
- knowingly provided misleading information to MMEL’s compliance team and withheld relevant information in order to circumvent MMEL’s anti-money laundering (AML) systems and controls;
- knowingly sent a forged deceptive and misleading email to a client; and
- provided false, misleading, or deceptive information to the DFSA during an interview.
In July 2023, the DFSA fined MMEL USD 3 million for inadequate AML systems and controls. Mr Georgiou was also found to be knowingly involved in MMEL’s failure to:
- conduct due diligence on existing customers at appropriate times, particularly when there was doubt about the veracity and adequacy of provided documents or suspicion of money laundering; and
- perform adequate assessment of clients’ financial markets experience when classifying them as Professional Clients.
Ian Johnston, Chief Executive of the DFSA, commented, saying: “The DFSA expects those working in financial services within the DIFC to comply with the DFSA’s AML rules. We also expect firms and individuals to engage with the DFSA in an open and honest manner, and to uphold the highest standards of integrity. The DFSA remains committed to holding those who fail to meet these expectations to account. The sanctions imposed on Mr Georgiou reflect the severity of his misconduct and serve as a strong warning to others who may consider engaging in similar behaviour.”
A copy of the DFSA's Decision Notice can be found in the Regulatory Actions section of the DFSA website.
