Former private banker Peter Georgiou has been fined $980,020 (about Dh3.6 million) for misleading conduct and his involvement in the violations of his former employer, Mirabaud (Middle East) Limited (MMEL), said the Dubai Financial Services Authority (DFSA).
Georgiou, a former private banker at MMEL, has also been banned from holding any office or working for a DFSA-authorsed firm and is restricted from providing financial services in the Dubai International Financial Centre (DIFC).
- Deliberately misled MMEL’s compliance team and withheld crucial information to bypass MMEL’s anti-money laundering (AML) systems and controls.
- Sent a forged, deceptive email to a client.
- Provided false information to the DFSA during an interview.
In July 2023, the DFSA fined MMEL $3 million for having inadequate AML systems and controls. Georgiou was found to have played a role in MMEL’s failure to:
- Conduct proper due diligence on existing customers, especially when there were doubts about their documents or suspicions of money laundering.
- Assess clients’ financial markets experience adequately when classifying them as Professional Clients.
Ian Johnston, chief executive of the DFSA, said: “The DFSA expects those working in financial services within the DIFC to comply with the DFSA’s AML rules. We also expect firms and individuals to engage with the DFSA in an open and honest manner, and to uphold the highest standards of integrity.
“The DFSA remains committed to holding those who fail to meet these expectations to account. The sanctions imposed on Georgiou reflect the severity of his misconduct and serve as a strong warning to others who may consider engaging in similar behaviour.”
The DFSA’s decision notice is available in the regulatory actions section of its official website.
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