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Dubai Financial Services Authority, Mirabaud (Middle East)
The Dubai Financial Services Authority has imposed a $980,020 fine, after settlement discount, on former Mirabaud figure Peter Georgiou. 

The fine was imposed for misleading and deceptive conduct and for being knowingly involved in breaches of DFSA rules by his former employer Mirabaud (Middle East) Limited (MMEL), the regulator said in a statement last week. 

Georgiou was employed by MMEL as a private banker, the DFSA said.

The DFSA also prohibited Georgiou from holding office or being an employee of a DFSA authorised firm. He is also restricted from performing any function in connection with the provision of financial services in or from the Dubai International Financial Centre (DIFC).

The DFSA determined that Georgiou lacked integrity and is not fit and proper to be involved in the provision of financial services in or from the DIFC.

In particular, the DFSA found that Georgiou:

-- knowingly provided misleading information to MMEL’s compliance team and withheld relevant information in order to circumvent MMEL’s anti-money laundering (AML) systems and controls;

-- knowingly sent a forged deceptive and misleading email to a client; and

-- provided false, misleading, or deceptive information to the DFSA during an interview.

In July 2023, the DFSA fined MMEL $3 million for inadequate AML systems and controls. 

Georgiou was also found to be knowingly involved in MMEL’s failure to:

-- conduct due diligence on existing customers at appropriate times, particularly when there was doubt about the veracity and adequacy of provided documents or suspicion of money laundering; and

-- perform adequate assessment of clients’ financial markets experience when classifying them as professional clients.