The Dubai Financial Services Authority (DFSA) released its annual report for 2023 this month.
The DFSA said the report is "showcasing a year of exceptional growth, innovation, and impactful contributions to Dubai’s economic landscape."
According to the report, the number of regulated firms at the Dubai Financial Services Authority (DFSA) reached 791 in 2023, an increase of 25% compared to last year. The regulator received a significant 50% increase in the number of applications for registration of various business models during the year, with an increase in applications from the wealth management sector, including Private Banks, Asset Managers, and Fund Management companies.
The DFSA said that combating financial crime remains a top priority for the regulator. During the year, the DFSA signed a Memorandum of Understanding (MoU) with the UAE's Financial Intelligence Unit aimed at strengthening anti-money laundering (AML) and counter-terrorist financing (CFT) efforts.
As for cybersecurity to protect and enhance the cybersecurity of the DIFC, the DFSA continued to use technology and digital transformation as key drivers to improve efficiency, transparency and security. Since the launch of the Threat Intelligence Platform (TIP) in 2020, it has issued more than 6 million compromise indicators.
Fadel Al Ali, Chairman of the DFSA, said: “Looking ahead to 2024, the 20th anniversary of the DIFC, we remain committed to supporting the vision of UAE and Dubai, fostering development, and collaboration within the DIFC community. As we celebrate our 20th anniversary, we reflect on our achievements and legacy while paving the way for continued engagement and delivering regulation that upholds the integrity of the DIFC.”