Dubai’s DFSA Obtains Court Orders Against Deutsche Bank

The bank was found in material non-compliance with requirements to produce information to the financial regulator.

Dubai’s DIFC (Dubai International Financial Centre) Courts have found that Deutsche Bank was in “material non-compliance with requirements to produce information and documents” to the Dubai Financial Services Authority (DFSA).

Deutsche Bank has consented to the court orders and has agreed to produce specified information and documents within 28 days and ensure that “any consolidated response is verified by a statement of truth”, DFSA said in a statement.

The bank also agreed to pay the DFSA’s costs in respect of the proceedings.

The DFSA had filed proceedings against the German bank on October 31, 2013, seeking information relating to an investigation into Deutsche Bank’s conduct.

The regulator had initially sent two investigative notices to the bank asking for the information on its wealth management practice, including client names, details of relationship managers, and its client due diligence procedures.

However, the required information was not provided.

Ian Johnston, CEO of the DFSA said: “The DFSA’s powers to request information and documents are important regulatory tools that assist the DFSA in conducting supervisory and enforcement activities.

“Where a person, without reasonable excuse, fails to comply with a DFSA notice requiring it to deliver information and documents, the DFSA will enforce compliance with such a notice by seeking orders in the DIFC Courts.”