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UIB fined by DFSA

Dubai Financial Services Authority (DFSA) has said it has fined United Investment Bank (UIB) for a number of errors related to its custodial services. The lender, located in the Dubai International Financial Centre (DIFC), was fined Dhs183,000 ($50,000) after the DFSA investigated the manner, in which it was providing custody to six funds in 2012. The regulator said UIB did not maintain adequate systems and controls and had corporate governance deficiencies, which prevented it from acting in the best interests of the company.