DFSA fines Vault Wealth Limited USD 109,200 for unauthorised financial services

The Dubai Financial Services Authority (DFSA) has imposed a fine of USD 109,200 (AED 401,000) on Vault Wealth Limited (VWL) for carrying on financial services in or from DIFC without being authorised by the DFSA. VWL is incorporated in the Abu Dhabi Global Market (ADGM) and is licensed by the Financial Services Regulatory Authority (FSRA) and provides financial services, including advising on investments or credit and arranging deals in investments. However, VWL has never been authorised by the DFSA to provide financial services in or from DIFC. Between February and May 2024, VWL employees worked from the offices of a related DIFC entity, Vault Technology Limited, which was not regulated by the DFSA. During this period, prospective clients were invited to the DIFC office, where VWL provided financial advice and assisted clients with onboarding onto an investment platform. VWL's senior management were aware of the requirement to obtain DFSA authorisation. However, despite that awareness, VWL did not proceed with obtaining authorisation and continued providing financial services in or from DIFC. The DFSA reduced the fine by 30% from USD 156,000 (AED 573,000) to USD 109,200 (AED 401,000) after VWL agreed to settle the matter.