Disclosure details -

Securities and Commodities Authority

Year 2000Regulated by Government

Since its inception, the Securities and Commodities Authority has been keen on putting the objectives stated in the Federal Law No. (4) of 2000 into effect by sparing no effort to strengthen the legislative structure through issuing such regulations and instructions that ensure the development of the organizational and supervisory framework of the list joint-stock companies and other companies operating in the securities field. Besides, the Authority has introduced some controls and criteria that would contribute positively to enhancing the investors' trust in the Authority.

Disclose broker

Sanction Fine

Noor Clearing

Disclosure summary

Disclosure matching Name matching
Disclosure time 2024-02-23
Penalty amount $ 54,826.62 USD
Reason for punishment The company’s failure to provide the Authority with evidence of its continuous monitoring and review in terms of auditing the financial transactions

Disclosure details

Violations of companies licensed by SCA Noor Capital Company

1. The company’s failure to provide the Authority with evidence of its continuous monitoring and review in terms of auditing the financial transactions that were carried out throughout the period of the business relationship, which constituted a violation of the provision of Clause (1) of Article (7) of Cabinet Decision No. (10) Of 2019 Concerning The Implementing Regulation Of Decree Law No. (20) Of 2018 On Anti- Money Laundering And Combating The Financing Of Terrorism And Illegal Organisations. 2. The company’s failure to take measures that would enable it to identify the sources of funds of some of its clients and identify the real beneficiary of these accounts, which constituted a violation of the provision of Article (12) of Cabinet Decision No. (10) Of 2019 Concerning The Implementing Regulation Of Decree Law No. (20) Of 2018 On Anti- Money Laundering And Combating The Financing Of Terrorism And Illegal Organisations.

Annex

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Warning

2024-10-28

List of entities with detected signs of illegal activities in the financial market Progreentrade