DFSA Action Against Former DIFC Employee

Press release

Published August 9th, 2017 - 09:40 GMT

In April 2015, the DFSA published its related action against DBDIFC for misleading the DFSA.

The Dubai Financial Services Authority (DFSA) has recently taken enforcement action against Chetan Parmar, a former employee of Deutsche Bank AG’s DIFC branch (DBDIFC).

The DFSA found that, in July 2012 and April 2013, Mr Parmar provided the DFSA with false information regarding DBDIFC’s private wealth management activities with the result that the DFSA was misled.

The DFSA imposed a fine of US$25,000 (AED 91,750) on Mr Parmar for his misconduct.

The action taken against Mr Parmar is final as he has not referred the DFSA’s decision to the Financial Markets Tribunal for review.

In April 2015, the DFSA published its related action against DBDIFC for misleading the DFSA, and for failures in DBDIFC's internal governance and systems and controls and in its client take-on and anti-money laundering processes.

Background Information

Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) is the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built free zone in Dubai.

The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.