Dubai: The DIFC regulator has issued a public censuring of UK agency Paymentology for issuing a media assertion final yr that it has been ‘licensed to function’ by the DFSA. Nit simply that, till “at the very least 25 February 2021, Paymentology’s web site incorrectly acknowledged that Paymentology had an workplace within the DIFC”.
In a press release, Dubai Monetary Companies Authority stated “Paymentology disseminated deceptive or misleading data in breach of DFSA administered laws. Specifically, by incorrectly claiming that it was licensed by the DFSA and had an workplace within the DIFC, Paymentology was prone to mislead or deceive others into believing that it was authorised by the DFSA to Present Cash Companies in or from the DIFC when that was not appropriate.”
DFSA stated the agency has by no means been licensed by the DFSA and has by no means had any presence of any variety within the Dubai Worldwide Monetary Centre (DIFC). As per its web site, Paymentology describes itself as a card issuing and processing platform.
In imposing the general public censure, DFSA stated:
• The inaccurate assertion that Paymentology was licensed by the DFSA resulted from an worker’s misunderstanding;
• Paymentology promptly withdrew the media launch of 20 October 2020 when the DFSA introduced the inaccurate assertion to the agency’s consideration; and
• The agency has since apologised for the error.
With out the cooperation and “immediate motion to appropriate the deceptive data, the DFSA would have imposed a monetary penalty on Paymentology”.
DFSA’s powerful stance
“The DFSA has seen an growing pattern in companies wrongly claiming that they’re based mostly within the DIFC and licensed by the DFSA. That is significantly the case for monetary companies expertise companies. The DFSA is not going to tolerate such misrepresentations and can take acceptable enforcement motion.”