The Dubai Financial Services Authority (DFSA) has launched its regulatory regime for whistleblowing.
According to the watchdog, the regime is the first of its kind to be introduced by a financial services regulator in the UAE.
It will apply to all DFSA regulated entities operating in or from the Dubai International Financial Centre (DIFC).
The whistleblowing system provides “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 regulator said.
It also aims to improve the whistleblowing culture in the DFSA companies by “increasing transparency around how they handle regulatory concerns, assess those concerns and, where appropriate, escalate those concerns”.
The watchdog added that DFSA regulated entities “must also put in place measures to protect the identity of the whistleblower and to protect them from suffering any detriment”.
‘Important role’
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.”
