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Dubai regulator probes into Deutsche Bank unit activities

DBankDeutsche Bank has agreed to hand over documents related to a probe into the operations of its Dubai-based wealth management division after being taken to court by the emirates’ financial free zone’s regulator. The Dubai Financial Services Authority began proceedings against the German bank at the DIFC courts in October 2013 to force the bank to comply with its investigation. Deutsche Bank will now submit the documents within 28 days and agreed to pay the regulator’s costs. The DFSA has been examining whether Deutsche Bank’s private wealth management business breached rules related to due diligence, assessing money-laundering risks and client agreement requirements. In the case documents, Deutsche Bank said disclosing the information would contravene Swiss law. Last year the DFSA issued fines against a private banker at BNP Paribas, the chief executive officer of the Dubai unit of a Lebanese bank, and an accounting firm. The DFSA said that it will continue with the investigation into Deutsche Bank’s wealth management business, without giving more details.

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