The Dubai Financial Services Authority (DFSA) has fined former Deutsche Bank head of compliance Anna Waterhouse.
The fine, which has been affirmed by the Financial Markets Tribunal (FMT), will also prohibit Waterhouse from being involved in financial services in or from Dubai International Financial Centre (DIFC).
Waterhouse had served as the head of compliance for the DIFC branch of Deutsche Bank covering the Middle East and Africa.
After a lengthy investigation, the DFSA found on multiple occasions between 2011 and 2014, Waterhouse had given false or misleading information to the DSFA. It found that she had repeatedly told the DSFA that Deutsche Bank DIFC’s private wealth management team only referred prospective clients to other offices of Deutsche Bank and did not provide them with any financial services.
The regulator claims Waterhouse ignored signs that breaches were occurring and failed to correct the position over an extended period.
Waterhouse knew of the private wealth management team’s activities by November 2011 but failed to report them to the DSFA until late 2013.
DFSA chief executive Bryan Stirewalt said, “It is fundamental that all Authorised Persons are open and honest with the DFSA. The penalty in this case reflects the fact that Ms Waterhouse not only failed to be open and honest with the DFSA, but recklessly misled the DFSA over an extended period of time.”
Commenting on its decision, FMT said, “It is difficult to overstate the crucial importance to the well-being of financial markets that all those who accept positions as Authorised Individuals act with integrity and deal frankly and openly with the Regulator.”
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Copyright © 2018 RegTech Analyst
