Deutsche Bank to Rogue Financiers Targeted by Dubai Enforcement - Bloomberg:
"Dubai, which teetered on the brink of default in 2009, is cracking down on misconduct at its financial center to safeguard its position as a business hub.
The Dubai Financial Services Authority, which regulates the Dubai International Financial Centre, is taking Deutsche Bank AG (DBK) to court for not providing information relating to a probe into its wealth management unit, according to a Nov. 17 statement. A day later the regulator, known as the DFSA, said it fined Dubai-based Middle East Auditing Office 55,000 dirhams ($15,000) for auditing a DIFC company’s accounts without being registered.
The investigations follow a string of fines by the regulator against professionals earlier this year at the DIFC. Those ranged from a BNP Paribas SA private banker who executed $8.4 million worth of transactions without his client’s consent to the chief executive officer of a Lebanese bank’s Dubai unit who overstated by about 26 times the net worth of a client."
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