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CFI 024/2013 – Consent Order

CFI 024/2013 – Consent Order

February 6, 2014


Claim No. CFI 024-2013







UPON reading the documents recorded on the Court file as having been read

AND UPON reading the correspondence related thereto


1. The Court hereby declares that the Defendant, without reasonable excuse, was in material non-compliance of the requirements to produce or procure the production of information and documents as set out in the notices dated 25 July 2013 and 1 October 2013, issued by the Claimant pursuant to Article 80 of the Regulatory Law 2004.


2. the Defendant, within 28 days of service of this Order, give or procure the giving of the following information, and produce or procure the production of the following documents (that are within its possession, custody or control), to the Claimant:


a. a schedule (in excel format) setting out the following information for each Deutsche Bank AG client with respect to which the Private Wealth Management (“PWM”) (or any employees in PWM) acted as Relationship Manager (“RM”) or were involved in the provision of the Financial Services of Advising on Financial Products or Credit and Arranging Credit or Deals in Investments over the period between 1 January 2011 and 30 June 2013 inclusive:

i. Client name;


ii. the date of account opening;


iii. if applicable, the date of account closing;


iv. whether a Client Agreement has been executed with the Client (please specify yes or no);


v. whether Customer Due Diligence (“CDD”) was performed with respect to the Client by Deutsche Bank AG DIFC Branch (“DBDIFC”), another Deutsche Bank AG entity, or not at all (please specify “DBDIFC”, provide a reference to any other Deutsche Bank AG entity, or state “none”);


vi. the standard or process of CDD which was applied with respect to the Client (for example, DFSA standard, Deutsche Bank AG’s global standard, or Deutsche Bank AG’s MiFID standard);


vii. DBDIFC’s Anti Money Laundering (“AML”) risk assessment rating with respect to the Client (for example, High, Medium or Low. If no AML risk assessment was performed by DBDIFC, please specify “none”);


viii. whether the relationship was opened according to the “Old PWM Model” or the “New PWM Model” (as each term was defined in the Skilled Persons Report submitted by the Defendant to the DFSA dated 18 April 2013); and


ix. the name of the PWM employee that was assigned as a RM with respect to the Client;


b. “GMIS” reports for each year since the commencement of DBDIFC’s PWM business line, which set out the PWM revenue generated, the number of clients and the client advisers assigned to the client;


c. copies of all minutes of DBDIFC Executive Committee meetings, and/or all records of communications, recording all discussions and decisions to implement and approve the new PWM procedures (introduced in or around April 2013);


d. copies of the minutes of all monthly team meetings (client advisor meetings) for PWM Middle East and Africa (“MEA”);


e. all records of instructions provided by DBDIFC to PWM client advisors and investment advisors under the “Old PWM Model” (i.e. prior to the implementation of the new PWM procedure implemented in April 2013) including instructions as to how they could interact with the clients for which they acted as RMs;


f. copies of the KYC Checklist documents used by PWM MEA under the “Old PWM Model”;


g. copies of the KYC Assessment Templates used by PWM MEA under the “Old PWM Model”; and


h. copies of the email and call report samples for both PWM MEA and PWM GSA.


3. the Defendant provide full consolidated responses to the Claimant’s notices dated 25 July 2013 and 1 October 2013 within 28 days of service of this Order, those responses to be verified by a statement of truth signed by a Managing Director in the Defendant’s compliance department.


4. the Defendant pay the Claimant’s costs of the claim of $100,000 US, within 7 days of this order.

Issued by:
Nassir Al Nasser
Judicial Officer
Date of Issue: 6 February 2014
At: 12pm


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