The regulator of the Dubai International Financial Centre (DIFC) has fined a former employee of Deutsche Bank $25,000 for submitting false information.
Between July 2012 and April 2013, Chetan Parmar, who worked for Deutsche Bank’s DIFC branch, provided the false information to the Dubai Financial Services Authority (DFSA) about his firm’s private wealth management activities. As a result, the regulator was misled.
“The action taken against Mr Parmar is final as he has not referred the DFSA’s decision to the Financial Markets Tribunal for review,” said a statement from the authority.
Parmar’s case is connected to the record $8.4 million fine imposed on Deutsche Bank’s DIFC branch in April 2015 for failures in the firm’s client take-on and anti-money laundering processes.
At the time, the DFSA hinted at further regulatory action when it stated that a small number of individuals at the firm gave false information to the regulator.
©2017 funds global mena