Dubai punishes Deutsche Bank with record fine

Deutsche Bank faces a fine of $8.4 million for violations in Dubai after an investigation from the DFSA. (File photo: Shutterstock)

Deutsche Bank must pay the largest ever fine levied by the regulator of Dubai’s financial free zone for what the watchdog described as “serious contraventions” by the German lender’s wealth management business in the emirate.

The $8.4 million levy from the Dubai Financial Services Authority (DFSA) is the latest regulatory blow for the Frankfurt-based lender, which faces billions of euros in potential claims or settlements over alleged manipulation of interest rate and foreign exchange benchmarks.

German investor rights group DSW on Wednesday separately called for an independent, special audit of Deutsche Bank to explore a “long list” of potential threats including fines, settlements and legal proceedings.
 
 
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Source News: Alarabiya