Deutsche Bank ordered to hand over client info to Dubai regulator - Banking & Finance - ArabianBusiness.com:
"A Dubai court has ordered the local unit of Deutsche Bank to hand over documents relating to its wealth management clients after the German lender was successfully sued by the regulator of the emirate’s financial free zone.
The Dubai Financial Services Authority (DFSA), which regulates the Dubai International Financial Centre (DIFC), began probing Deutsche Bank’s asset management division in December 2012 over potential breaches of due diligence and assessing clients for money laundering risks.
When Deutsche Bank declined to hand over details regarding 120 clients in Switzerland, citing Swiss financial privacy laws, the DFSA in October 2013 claimed an injunction through the DIFC Courts.
In a statement issued on Sunday, the DIFC Courts declared that Deutsche Bank was in material non-compliance with the DFSA’s requirement to produce information and documents."
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