Dubai – 5 October 2026
Vault Wealth Limited (VWL) has been fined US$109,200 (AED 401,000) after the Dubai Financial Services Authority (DFSA) found that the company had provided regulated financial services in or from the Dubai International Financial Centre (DIFC) without the required authorisation. The penalty was announced on 1 October 2026.
Incorporated in Abu Dhabi Global Market (ADGM) and licensed by the Financial Services Regulatory Authority (FSRA), the firm is permitted to carry out certain financial services, including advising on investments or credit and arranging investment deals. However, its existing licence did not authorise it to provide regulated financial services in or from DIFC.
The case relates to activity between February and May 2024, when employees worked from the offices of a related DIFC entity, Vault Technology Limited. The entity was not regulated by the DFSA. During this period, prospective clients visited the DIFC office, where staff provided financial advice and assisted with onboarding onto an investment platform. Clients also supplied know-your-customer documentation to support the creation of investment accounts.
The regulator found that these activities included advising on financial products and arranging deals in investments, which required the appropriate authorisation when carried out in or from DIFC. It also found that the DIFC office did not clearly indicate that the related entity was separate from the firm. According to the findings, this could have led prospective clients to believe that the company was authorised to provide financial services in or from DIFC.
The authority also stated that senior management was aware that DFSA authorisation was required but did not proceed with obtaining it while the services continued. Management also failed to act on concerns raised by the firm’s then Compliance Officer regarding the absence of the required licence. These matters were considered as aggravating factors when determining the penalty.
The original fine was US$156,000 (AED 573,000). Following an agreement to settle the matter, the penalty was reduced by 30 per cent to US$109,200 (AED 401,000).
The case highlights the separate regulatory requirements that apply to financial services conducted across the UAE’s financial centres. The regulator reiterated that authorization from another UAE financial regulator does not permit a firm to conduct regulated financial services in or from DIFC. Firms must obtain the appropriate DFSA authorization before undertaking regulated activities within the Centre.
