Dubai regulator fines Moody's Middle East unit Dh2.15m over data breaches
The Dubai Financial Services Authority has fined the Middle East unit of Moody's Investors Service $585,825 (Dh2.15 million) for failing to safeguard confidential information over more than two years. Moody's Investors Service Middle East Limited (Mismel) breached regulations governing credit rating agencies with seven incidents of inadvertent data disclosure between December 2023 and May 2026,…
The Dubai Financial Services Authority (DFSA) has imposed a Dh2.15 million ($585,825) fine on Moody's Investors Service Middle East Limited for failing to protect confidential information over a period of over two years. The regulator discovered seven instances between December 2023 and May 2026 where the company inadvertently disclosed sensitive data.
Moody's, licensed by the DFSA since 2012, was found to lack adequate systems and controls to prevent unauthorized disclosures by its employees. The incidents included revealing confidential data to external recipients four times, highlighting the risk to the integrity and stability of financial markets. Alan Linning, managing director for enforcement at the DFSA, emphasized that credit rating agencies handle highly sensitive information entrusted by issuers, which must be safeguarded from unauthorized access.
The UAE has shown a commitment to enforcing regulations and maintaining financial system integrity, as seen through recent fines against other entities.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
