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Schedule 3 – Fines

Effective from Feb 07 2023 - Jun 04 2023
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1. The following table sets out the nature and amounts of fines that VARA may impose for violations of Regulations, Rules, Directives or Licence conditions, but which shall be determined by VARA in accordance with applicable local and federal laws and by reference to its assessment of all relevant factors, including those set out in Regulation IX.C. VARA may amend the fines set out in this Schedule 3, including adding new categories of fines, by amendment to these Regulations or by Directive at any time.
 
No. Nature of Violation Fine Amount [AED]
1. Violation of Regulations, Rules or Directives relating to AML/CFT and “know your customer” requirements [per violation] To be determined in accordance with applicable local and federal laws.
2. Violation of Rules in the Compliance and Risk Management Rulebook, Market Conduct Rulebook, or Regulations and Directives related to Market Offences [per violation]
One or more of:
• disgorgement of the profits gained or losses avoided;
• up to AED 20,000,000 for any individual;
• up to AED 50,000,000 or 15% annual revenue of any VASP; or
• 300% of the profits gained or losses avoided [if greater than the above values].
3. Violations of Rules in all other Rulebooks [per violation]
One or more of:
• up to AED 8,000,000 for an individual;
• up to AED 20,000,000 or 5% annual revenue for a VASP; or
• 200% of the profits gained or losses avoided [if greater than the above values].