Deutsche Bank found in ‘material non-compliance’ with Dubai regulator

The Dubai Financial Services Authority sued Deutsche Bank last year, after investigations into the bank’s wealth-management division. (File photo: Shutterstock)

The regulator of Dubai’s tax-free financial center said on Sunday that Deutsche Bank had been found to be in “material non-compliance” with orders to provide information as part of an investigation into alleged rule breaches.

The Dubai Financial Services Authority (DFSA) had in November last year sued the lender, after almost one year of investigations into the bank’s wealth management division.

The material non-compliance was declared by the court which covers the Dubai International Financial Centre (DIFC), home to many large global banks and asset management who were lured by the region’s oil wealth and fast economic growth.

Deutsche Bank declined to comment.

Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42