| 1 | Gulf Islamic Investments
| 1. The company failed to conduct CDD before establishing business relationships. Agreements were finalized before completing CDD measures, which violates Article 6 of Cabinet Resolution No. 10 of 2019 regarding the Executive Regulations of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations. 2. The company failed to conduct CDD before establishing business relationships. Agreements were finalized before completing CDD measures, which violates Article 6 of Cabinet Resolution No. 10 of 2019 regarding the Executive Regulations of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.2. The company failed to understand the purpose and nature of its business relationships. It finalized agreements including services not aligned with those licensed by the SCA, constituting a violation of Article 4(2)(b)(2) and Article 8(3) of Cabinet Resolution No. 10 of 2019 regarding the Executive Regulations of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
| A financial penalty of AED 200,000 A financial penalty of AED 100,000
| | 11/03/2025 |
| 2 | United Bank Limited | The company failed to submit its externally audited annual financial statements for the financial period ended December 31, 2023, as well as its externally audited quarterly interim financial statements for the financial periods ended March 31, 2024, June 30, 2024, and February 20, 2020, within the statutory deadlines. This failure constitutes a violation of Articles 7(1) and 7(2) of Chapter 5, Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms. | A financial penalty of AED 100,000 | | 11/03/2025
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| 3 | Daman Securities
| 1. The company failed to implement EDD measures to identify the source of income and client funds, violating Article 4(1) and (2), Article 15(1), and Article 22(2) of Cabinet Resolution No. 10 of 2019 regarding the Executive Regulations of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations. 2. The company failed to provide evidence that it consistently screened databases and transactions against the names listed by the UN Security Council, the Sanctions Committee, or other locally designated lists. This failure constitutes a violation of Article 5(1) and Article 8(1) of Cabinet Resolution No. 10 of 2019 regarding the Executive Regulations of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations. This also constitutes a breach of Article 21(2) and (6) of Cabinet Resolution No. 74 of 2020 on the UAE Terrorist List and the Implementation of UN Security Council Resolutions on Preventing and Countering Terrorism Financing and the Proliferation of Weapons of Mass Destruction and the relevant resolutions.
| A financial penalty of AED 200,000
A financial penalty of AED 200,000
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| 11/03/2025
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| 4 | Century Financial
| The company failed to implement reasonable measures to identify the source of funds of clients identified as politically exposed persons (PEPs), constituting a violation of Article 15(1) of Cabinet Resolution No. 10 of 2019 regarding the Executive Regulations of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
| A financial penalty of AED 200,000
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| 11/03/2025
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| 5 | Neba Private Clients
| The company failed to submit its externally audited annual financial statements for the financial period ended December 31, 2023, as well as its externally audited quarterly interim financial statements for the financial period ended March 31, 2024, within the statutory deadlines. This constitutes a violation of Articles 7(1) and 7(2) of Chapter 5, Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms.
| A financial penalty of AED 100,000
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| 11/03/2025
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| 6 | Al Hilal Capital
| The company failed to submit its externally audited interim financial statements for the financial period ended March 31, 2024, within the statutory deadlines. This constitutes a violation of Article 7(1) of Chapter 5, Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms.
| Financial penalty of AED 100,000
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| 11/03/2025
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| 7 | Mondial (Dubai) LLC
| The company failed to submit its externally audited interim financial statements for the financial period ended March 31, 2024, within the statutory deadlines. This constitutes a violation of Article 7(1) of Chapter 5, Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms.
| Financial penalty of AED 100,000
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| 11/03/2025
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| 8 | Noor Bank
| The bank failed to submit its annual profit and loss statement and promotional activity report for the financial period ended December 31, 2023, as well as its quarterly profit and loss statement and promotional activity report for the financial period ended March 31, 2024, within the statutory deadlines. This constitutes a violation of Article 7(3) of Chapter 5, Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms.
| A financial penalty of AED 100,000
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| 11/03/2025
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| 9 | ONEPRO International Brokerage DMCC
| The company failed to submit its capital adequacy report for November 2023. Since its capital adequacy ratio fell below the required threshold in December 2023, the company violated Article 1 of Chapter 2, Section 4 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms, as well as Article 3-11(2)(E) of the SCA Board’s Decision No. 157 of 2005 Regulating the Listing and Trading of Commodities and Commodity Contracts.
| Closure of business
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| 11/03/2025
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| 10 | Skybound Wealth Management
| The company failed to submit its externally audited annual financial statements for the financial period ended December 31, 2023, as well as its externally audited quarterly interim financial statements for the financial period ended March 31, 2024, within the statutory deadlines. This constitutes a violation of Article 7(1) and 7(2) of Chapter 5, Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms.
| The company was temporarily suspended from conducting its activities. The company rectified the situation within the specified period in the decision, and the suspension was lifted. |
| 11/03/2025
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| 11 | Absolute Return Investment Advisors (ARIA) Limited
| The company failed to submit its externally audited annual financial statements for the financial period ended December 31, 2023, as well as its externally audited quarterly interim financial statements for the financial period ended March 31, 2024, within the statutory deadlines. This constitutes a violation of Article 7(1) and 7(2) of Chapter 5 of Section 2 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms.
| The company was temporarily suspended from conducting its activities. The company rectified the situation within the specified period in the decision, and the suspension was lifted. |
| 11/03/2025
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| 12 | ILimits DMCC | The company recorded a persistent deficit in customer balances, violating Article 3-12(4) of the SCA Board’s Decision No. 157 of 2005 Regulating the Listing and Trading of Commodities and Commodity Contracts. | Revocation of license |
| 11/03/2025 |
| 13 | ONEPRO International Brokerage DMCC | The company failed to submit its capital adequacy report for November 2023. Since its capital adequacy ratio repeatedly fell below the required threshold as outlined in its December 2023 report, the company violated Article 1 of Chapter 2, Section 4 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 on the Rulebook for Financial Activities and Status Adjustment Mechanisms, as well as Article 3-11(2)(E) of the SCA Board’s Decision No. 157 of 2005 Regulating the Listing and Trading of Commodities and Commodity Contracts. | Closure of business |
| 11/03/2025 |