Let's talk penalties...

turban boy taking penalty kick for brazil in world cup final on mars

Let’s talk penalties.

If you are someone who absolutely sticks to deadlines, skip this part. The rest – read on.

A Fixed Penalty Regime (FPN) is coming. Put very simply, it works as follows:

  1. Breach occurs

  2. DFSA issues an FPN.

  3. Pay the penalty (maximum US$ 50,000) and remedy the breach.

  4. If you do 3, DFSA doesn’t sanction you. No public censure and no fine.

  5. If you don’t do 3, DFSA can launch enforcement proceedings (i.e. not good news)

And this applies to?

Late regulatory returns – all types, including AML returns and periodic financial filings.

How much?

First contravention – US$ 2.5k

Second contravention – US$ 7.5k

Third contravention – US$ 15k

The Riffle

The DFSA proposes a Fixed Penalty Regime for simple contraventions and you can read it here, but don’t stretch your luck. File in time!