DFSA slaps former Deutsche Bank employee with fine for misleading DIFC authorities
Chetan Parmar fined $25,000 by the DFSA in a decision that it says is final
The Dubai Financial Services Authority (DFSA) fined a former employee of Deutsche Bank's branch in the Dubai International Financial Centre for providing the authority with misleading information.
Chetan Parmar, the former Deutsche Bank employee was fined $25,000 (Dh91,750) for his misconduct. The DFSA said that in July 2012 and April 2013 Mr. Parmar provided it with false information regarding Deutsche Bank's private wealth management activities.
As a result, the DFSA was misled. The nature of the misleading information that Mr. Parmar gave was not disclosed.
The authority said the action taken against Mr. Parmar was final as the accused to did not refer the DFSA's decision to the Financial Markets Tribunal for review.
The DFSA censured the Deutsche Bank's DIFC office in April 2015 for failures in its internal governance, systems and controls and the way it took on clients as well as its anti-money laundering processes.
To read more about the DFSA:
Updated: August 9, 2017 02:35 PM