Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

deutsche bank must hand over documents

By International Adviser, 11 Feb 14

Deutsche Bank must produce certain documents in connection with an investigation into suspected anti-money laundering, the Dubai International Financial Centre Courts have ruled.

Deutsche Bank must produce certain documents in connection with an investigation into suspected anti-money laundering, the Dubai International Financial Centre Courts have ruled.

The DIFC Courts said Deutsche Bank's DIFC branch had been found to be "in material non-compliance" with requirements to produce information and documents sought by the Dubai Financial Services Authority, the local regulator, which launched the court action last October in an effort to obtain the information and documents as part of an investigation that has been reported to date back to 2012. 

The information being sought was elsewhere reported to include data on clients of Deutsche Bank's private wealth management operations in Switzerland, which has strict laws regarding client confidentiality.

In a statement on its website, the DFSA said Deutsche Bank AG had "consented to the order to produce the "specified information and documents" within 28 days of the signing of the order, on 6 February, and to "ensure that any consolidated response is verified by a statement of truth".

Deutsche Bank also agreed to pay the DFSA’s costs in the matter, the DFSA said.

In a statement, DFSA chief executive Ian Johnston noted that the regulator's power to request information and documents from businesses doing business in Dubai was an important tool in its efforts to supervise and enforce those of its laws that apply to financial services.

The DIFC is a "financial free zone" in Dubai that opened 10 years ago, in order to encourage the development of a regional financial services industry. It enjoys its own legal identity within the Emirate of Dubai, with its own civil and commercial laws, its own courts and its own legal system.
 

 


 

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Africa

    Citi Wealth partners with Allfunds to boost fund service

    Europe

    Team announce interim results and plans for UCITS launch

  • Asia

    Lighthouse Canton continues expansion drive with strategic partnership

    Latest news

    Hoxton Wealth gain DFSA regulatory approval to operate in DIFC


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.