11 September 2013 — DFSA Sanctions United Investment Bank Limited
Dubai, UAE, 11 September 2013: The Dubai Financial Services Authority (DFSA) announced, today, that it had accepted an Enforceable Undertaking (EU) from United Investment Bank Limited (UIB), a Dubai International Financial Centre (DIFC) Authorised Firm.
The EU resulted from a DFSA investigation into the manner in which UIB was Providing Custody. During 2012, UIB was contracted to provide custodian services for six funds.
The investigation revealed that:
UIB co-operated with the DFSA's investigation.
A copy of the EU can be found in the public register of the DFSA website under Regulatory Actions.