DUBAI: A former BNP Paribas private banker has been fined by the Dubai Financial Services Authority (DFSA) for executing two transactions worth a total Dh30.8m ($8.4m) for a client without his consent.
The regulator rarely makes its disciplinary actions public. Traditionally, in the Gulf Arab region, business topics considered sensitive in nature are not disclosed.
“It’s a pretty strong move by the regulator and shows they are getting more serious now in protecting client interests. Previously, these events wouldn’t be made public,” said one asset management source, who declined to be identified as he was not authorised to speak to the media.
According to his LinkedIn profile, Nikhil Das had been an associate director in BNP’s wealth management arm since 2009. He was fined Dh 73,400 ($20,000) and restricted from providing financial services in the Gulf Arab emirate’s offshore financial centre for six years, the regulator said in a statement.
The regulator gave no details on the restrictions Das faces.
BNP declined to comment. The DFSA declined to name Das’s employer, saying in its statement only that he was a “former” private banker.
Reuters
