The parties in breach have been accused of unauthorized financial services activities RIYADH: The Dubai Financial Services Authority has imposed penalties worth 5.72 million dirhams ($1.6 million) against two firms among the Adenium group of companies for breaching the authority’s laws. The parties in breach have been accused of unauthorized financial services activities including breaching practices related to customer onboarding. DFSA fined Adenium Energy Capital Ltd., a firm based in the Cayman Islands undergoing liquidation, a total of 4.61 million dirhams, it said in a statement. The penalties also included a 354,337 dirhams fine on DFSA-authorized Adenium Energy Capital Advisors Limited, along with two fines for two associated individuals. “The DFSA will not tolerate DIFC-based corporate groups that have only one entity regulated by the DFSA but create the impression that all of the group’s financial services are regulated by the DFSA and onboard clients with another group entity that is not subject to DFSA regulation,” said CEO, Christopher Calabia.