Dubai Financial Services Authority introduces whistleblowing regime
07 April, 2022
The Dubai Financial Services Authority has launched a regulatory regime for whistleblowing that applies to all DFSA regulated entities operating in or from the Dubai International Financial Centre.
The regime is the first of its kind to be introduced by a financial service regulator in the UAE and provides enhanced legal protection for persons who report misconduct internally within DFSA regulated entities or externally to their auditor, the DFSA or a law enforcement agency, the DFSA said in a statement on Thursday. The new regime aims to improve the whistleblowing culture and increase transparency regarding how regulatory concerns are assessed and handled, and if appropriate escalated, the statement said.
A DFSA regulated entity must put in place measures that protect the identity of the whistleblower and protect them from retribution.
“Whistleblowers form a key part of a firm’s ability to detect, identify and escalate issues of misconduct, and the required whistleblower policies and procedures play an important role in encouraging appropriate disclosures," DFSA chief executive F. Christopher Calabia, said.
"We expect all regulated entities to be ready to discuss and demonstrate the application of their policies and procedures when engaging with the DFSA.”
Source: www.thenationalnews.com
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