Enhanced legal protection will be provided to persons who report financial misconduct internally within the entities regulated by Dubai Financial Services Authority or externally to their auditor, the DFSA or a law enforcement agency.
The enhanced protection comes after DFSA launched its regulatory regime for whistleblowing, which is the first of its kind to be introduced by a financial service regulator in the UAE.
The regime applies to all DFSA Regulated Entities operating in or from the Dubai International Financial Centre (DIFC).
It also aims to improve the whistleblowing culture in these entities by increasing transparency around how they handle regulatory concerns, assess those concerns and, where appropriate, escalate those concerns.
A DFSA regulated entity must also put in place measures to protect the identity of the whistleblower and to protect them from suffering any detriment.
Christopher Calabia, Chief Executive of the DFSA, said, “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.”
“We expect all regulated entities to be ready to discuss and demonstrate the application of their policies and procedures when engaging with the DFSA.”