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Nasdaq Dubai. Image used for illustrative purpose only. Image courtesy Dubai Media Office Twitter handle.
Al Ramz Capital has referred to the Financial Markets Tribunal (FMT) a decision in which it was fined for failing to report suspicious transactions on Nasdaq Dubai.
The brokerage was the subject of a decision notice by Dubai Financial Services Authority (DFSA) and a penalty of $25,000 (AED 91,813) for “wash trades”, or trades in which there is no change to the ultimate beneficial ownership.
The authority said the decision is provisional as Al Ramz disputes the findings and has referred them to the FMT.
Trades were executed on Nasdaq Dubai via Al Ramz’s online platform. Nasdaq Dubai flagged the trades to Al Ramz as a suspected wash trade, but Al Ramz failed to report the suspicious transactions to the DFSA as required, the authority said.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
