The Dubai Financial Services Authority (DFSA) has recently taken enforcement action against Chetan Parmar, a former employee of Deutsche Bank AG’s DIFC branch (DBDIFC).
The DFSA found that, in July 2012 and April 2013, Mr Parmar provided the DFSA with false information regarding DBDIFC’s private wealth management activities with the result that the DFSA was misled.
The DFSA imposed a fine of USD 25,000 (AED 91,750) on Mr Parmar for his misconduct. The action taken against Mr Parmar is final as he has not referred the DFSA’s decision to the Financial Markets Tribunal for review.
In April 2015, the DFSA published its related action against DBDIFC for misleading the DFSA, and for failures in DBDIFC's internal governance and systems and controls and in its client take-on and anti-money laundering processes.
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