The Dubai Financial Services Authority has been awarded legal costs amounting to roughly US$143,000 by the Financial Markets Tribunal following proceedings initiated by Al Ramz Capital LLC. According to a statement issued by the DFSA, the tribunal’s June 24 decision requires Al Ramz to cover the regulator’s external legal fees along with specific internal costs related to a privacy application and a portion of the substantive reference expenses. The order comes after the FMT upheld a DFSA decision to fine Al Ramz Capital LLC $25,000 for failing to promptly report a suspicious transaction.
The Financial Markets Tribunal upheld the DFSA’s decision to impose the fine on Feb. 3, 2026, the regulator reported. Al Ramz had referred the original Decision Notice dated June 13, 2024, to the tribunal for review. In its ruling, the FMT affirmed the regulator’s position that the firm did not immediately file the required suspicious transaction report.
The DFSA serves as the independent regulator for financial services in the Dubai International Financial Centre. A description on the DFSA website states that the Financial Markets Tribunal hears and determines references and regulatory proceedings under the Regulatory Law 2004. This latest costs award reflects the tribunal’s authority in allocating expenses following such hearings, the DFSA indicated.
Al Ramz Capital LLC referred the matter after the DFSA issued its decision notice in mid-2024. The underlying violation involved the firm’s delay in reporting activity that raised suspicions of market abuse, according to details in the DFSA announcement. The tribunal’s February decision confirmed the $25,000 penalty before addressing the separate costs application.
The awarded sum totals approximately AED 524,810 and encompasses the DFSA’s full external legal costs, all internal costs tied to Al Ramz’s privacy request, and 25 percent of the internal costs for the main reference, the regulator’s statement detailed. This allocation follows the tribunal’s assessment of appropriate cost recovery in regulatory disputes. The DFSA noted that such measures help ensure accountability within the DIFC’s financial ecosystem.
