The Dubai Financial Services Authority (DFSA), which is the independent financial regulatory agency in the Dubai International Financial Centre (DIFC), has introduced a Whistleblowing regime. The regime, which builds on existing requirements, aims to help:

1. Provide better legal protection for persons (for example, officers, employees or agents of a Regulated Entity) who report regulatory concerns¹;
2. Improve the Whistleblowing culture in DFSA Regulated Entities² and increase transparency around how those Entities will handle regulatory concerns;
3. Encourage more disclosures of regulatory concerns; and
4. Deter wrongdoing, promote better compliance and an ethical culture, by increasing awareness that there is a higher likelihood that wrongdoing will be reported.

Under the Whistleblowing regime, All DFSA Regulated Entities are required to put in place appropriate and effective policies and procedures to facilitate the reporting and assessment of regulatory concerns. In addition, the DFSA has set up a specific Whistleblowing email address – [email protected] – where a regulatory concern can be reported directly to the DFSA regardless of whether an internal report has been made.

Any information reported to the DFSA is treated confidentially and access to that information would be limited to a small number of expert DFSA staff. We would aim to respond to that report within 28 working days of receiving it. This would include an initial assessment of the report and potential requests for further information. The DFSA will not, as part of this process, provide any legal advice or guidance.

You can find more about the DFSA Whistle Blowing Regime here.

¹In relation to a Regulated Entity, a concern held by any person that the Authorised Person, an officer or employee of the Regulated Entity or an Affiliate of the Regulated Entity has or may have a) contravened a provision of legislation administered by the DFSA; or b) engaged in money laundering, fraud or any other financial crime.
²A Regulated Entity includes an Authorised Firm, an Authorised Market Institution, a Registered Auditor and a Designated Non-Financial Business or Profession.