The regulator of Dubai's tax-free financial centre has sued Deutsche Bank, claiming that the lender unlawfully refused to provide information as part of an investigation into alleged breaches of its rules.
Dubai International Financial Centre (DIFC) is home to many large global banks and asset management who were lured by the region's oil wealth and fast economic growth.
The DFSA started its investigation in December last year against the bank's wealth management division in Dubai over potential breaches of due diligence and assessing clients for money-laundering risks, the court documents, filed on 31st October but made public on Sunday, showed.
Regulators around the world are investigating the role of large banks and brokers for their roles in cases ranging from manipulation of global rates to mortgage-related practices.
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image: © Lisamarie Babik