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Deutsche Bank to extend cooperation in DFSA probe

February 10, 2014 12:31 am

Dubai Financial Services Authority (DFSA) has said Deutsche Bank has agreed to hand over documents related to a probe into the operations of its Dubai-based wealth management division after being taken to court by the emirates’ financial free zone’s regulator, Bloomberg has reported. The German lender will submit the documents within 28 days and agreed to pay the regulator’s costs, it said. The DFSA has been examining whether Deutsche Bank’s private wealth-management business breached rules related to due diligence, assessing money-laundering risks and client agreement requirements.