The Dubai Financial Services Authority (DFSA) has imposed a fine of $980,020 (approximately Dh3.6 million) on Peter Georgiou, a former private banker, for his misleading conduct and involvement in violations at his previous employer, Mirabaud (Middle East) Limited (MMEL).
Georgiou, who was once a private banker at MMEL, has also been prohibited from holding any position or working for a DFSA-authorized firm, and is barred from providing financial services within the Dubai International Financial Centre (DIFC). The DFSA determined that Georgiou lacked integrity and was unsuitable for employment in the DIFC’s financial sector. The authority specifically identified that Georgiou:
Intentionally deceived MMEL’s compliance team and concealed vital information to circumvent MMEL’s anti-money laundering (AML) systems and controls. Sent a falsified, misleading email to a client. Provided inaccurate information to the DFSA during an interview.
In July 2023, the DFSA fined MMEL $3 million for inadequate AML systems and controls. Georgiou was implicated in MMEL’s failure to:
Perform thorough due diligence on existing customers, particularly when there were concerns about their documentation or suspicions of money laundering. Adequately evaluate clients’ experience in financial markets when classifying them as Professional Clients.
Ian Johnston, CEO of the DFSA, stated: “The DFSA expects compliance with its AML rules from those in financial services within the DIFC. We also expect firms and individuals to interact with the DFSA openly and honestly, maintaining the highest standards of integrity.” The DFSA is dedicated to holding accountable those who do not meet these expectations. The sanctions against Georgiou underscore the gravity of his misconduct and act as a stern warning to others contemplating similar actions.” The DFSA's decision notice can be found in the regulatory actions section of its official website.
