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- DFSA fines OCS US$ 720,000
DFSA fines OCS US$ 720,000
The Riffle
A case study on what NOT to do when licensed by the DFSA. A must-read for all Authorised Individuals!
An investigation by the Dubai Financial Services Authority (DFSA) has revealed that OCS International Finance Limited (OCS) had breached multiple DFSA Rules, including mismanaging USD 46 million (AED 168,820,000) of client funds, and misleading a bank and the DFSA. As a result, the DFSA has imposed a fine, after a 30% settlement discount, of USD 720,905 (AED 2,645,721) on OCS, and USD 186,003 (AED 682,631) on its CEO, Mr Christian Franz Thurner.
Read the release here.
The full details here.