The latest compliance news: regulatory developments, punishments, guidance, permissions and new product and service offerings.

Taranis Capital
Taranis Capital, an investment firm, announced this week that it has secured a licence from the Dubai Financial Services Authority.

The licence reinforces the firm’s position within DIFC, enabling it to broaden its financial services while maintaining the highest regulatory standards.

It has also appointed Dr Bijna Kotak Dasani (pictured below) as chief investment officer. An alumna of the University of Oxford and De Montfort University, Dr Dasani also holds venture capital certifications from UC Berkeley Law, Venture Forward, NVCA, and Newton. She is a fellow of the Royal Society of Arts, Manufactures and Commerce (FRSA) and has received numerous industry accolades.

Dr Bijna Kotak Dasani

“Securing our DFSA licence is a huge step forward for Taranis Capital,” Nicholas Bingham, founding partner and CEO of Taranis Capital, said. “It’s been an intense process, but one that highlights our dedication to doing things the right way. This achievement gives us a strong foundation to grow, innovate and continue delivering exceptional financial solutions for our clients.”

Financial Conduct Authority, Credit Suisse
Former Credit Suisse managing directors Andrew Pearse and Surjan Singh have been banned from the financial services industry, the UK’s financial regulator said, after they were convicted for arranging corrupt loans to the Republic of Mozambique.

In July 2019, Pearse pleaded guilty in the US for his role in the conspiracy to commit money laundering and wire fraud, which included him accepting over $45 million in unlawful kickbacks in connection with the loans, the Financial Conduct Authority said in a statement yesterday. 

In September 2019, Singh also pleaded guilty in the US for his role in the conspiracy to commit money laundering, which included him accepting $5.7 million in unlawful kickbacks in connection with the loans.

In October 2021, the FCA fined Credit Suisse over £145 million as part of a $475 million global settlement for serious financial crime due diligence failings related to the loans which the bank arranged for the Republic of Mozambique, worth $1.3 billion. The loans were tainted by corruption. The FCA also secured Credit Suisse’s agreement to write off $200 million of debt owed by the Republic of Mozambique.

“Mr Pearse and Mr Singh were experienced executives at Credit Suisse who admit to having received over $50 million in kickbacks. There is no place in our markets for those who engage in bribery and corruption,” Steve Smart, joint executive director of enforcement and market oversight at the FCA, said.