At the Dubai International Financial Centre. ARCHIVE

The Dubai Financial Services Authority (DFSA) announced on Friday (January 24) that it has imposed a $25,000 (Dh91,813) fine on Al Ramz Capital for failing to report suspicious transactions. The case has been referred to the Financial Markets Tribunal (FMT) for review. The DFSA’s findings revealed that Al Ramz failed to report suspected “wash trades” executed on its online trading platform. Such trades involve no change in beneficial ownership and can manipulate the market by creating a misleading impression of stock prices. Nasdaq Dubai initially flagged the transactions after noting a 27 percent spike in share prices due to the trades. Despite being notified, Al Ramz did not fulfill its obligation to report the suspicious activity under DFSA regulations. "Robust surveillance and prompt reporting are critical to maintaining market integrity," the DFSA stated. Al Ramz has disputed the findings, claiming procedural discrepancies. The FMT will determine whether to uphold, modify, or overturn the DFSA’s decision. GAB/Expat Media
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