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:
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The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
