Violations of companies licensed by SCA

Violations of companies licensed by SCA

NoViloator NameDescription of ViolationDecision/PenaltyDecision DatePublish Date
1MEX Global Financial ServicesThe company was found to have violated Article 5(3)(a) of Cabinet Resolution No. (93) of 2021 Concerning the Implementation of Certain Provisions of the Multilateral Administrative Agreement on the Automatic Exchange of Information.Financial penalty of AED 100,000April 25, 2025Sep 23, 2025
2BHM Capital Financial ServicesThe company was found to have violated Article 26 of Federal Law No. (4) of 2000 Concerning the Emirates Securities and Commodities Authority and Market, as well as Article 6 of Chapter 4, Section 3 of the SCA Board Chairman’s Decision No. (13/Chairman) of 2021 Concerning the Rulebook for Financial Activities and Status Adjustment Mechanisms.Financial penalty of AED 100,000May 27, 2025Sep 23, 2025
3Royal Capital

The company failed to implement enhanced customer due diligence (CDD) measures, thereby violating Articles 4(2), 5(2), and 7(2) of Cabinet Resolution No. (10) of 2019 Concerning the Implementing Regulation of Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.

The company failed to implement the required measures relating to politically exposed persons, constituting a violation of Article 15(1) of Cabinet Resolution No. (10) of 2019 Concerning the Implementing Regulation of Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.

Financial penalty of AED 200,000

Financial penalty of AED 200,000

February 11, 2025Sep 23, 2025
4Al Ramz CapitalThe company failed to appropriately incorporate relevant risk factors into its internal policies and procedures, commensurate with the crime risks and the nature and size of its business. It also failed to establish and implement a methodology for assessing money laundering risks, particularly those related to customers. These failures constitute a violation of Article 4(1) of Cabinet Resolution No. (10) of 2019 Concerning the Implementing Regulation of Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.Financial penalty of AED 200,000March 3, 2025Sep 23, 2025
5NATIONAL RESOURCES FOR FINANCIAL CONSULTING L.L.CThe company failed to submit its interim financial statements for the period ended September 30, 2024, within the statutory deadline. 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 Concerning the Rulebook for Financial Activities and Status Adjustment Mechanisms.Financial penalty of AED 100,000April 11, 2025Sep 23, 2025
6Neba Private ClientsThe company failed to submit its interim financial statements for the period ended September 30, 2024, within the statutory deadline. 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 Concerning the Rulebook for Financial Activities and Status Adjustment Mechanisms.Financial penalty of AED 100,000April 11, 2025Sep 23, 2025


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