Dubai watchdog to probe misconduct by Dutch bank employee

Financial regulator DFSA confirms it is investigating activity by a banker at state-owned ABN Amro
Dubai watchdog to probe misconduct by Dutch bank employee
By Staff writer
Tue 23 Jun 2015 04:29 PM

The Dubai Financial Services Authority (DFSA) is investigating reports this week Dutch bank ABN Amro had fired an employee as part of an internal investigation into its private banking operations in the emirate.

The Amsterdam-based state-owned bank launched the investigation after a March 11 report in newspaper Het Financieele Dagblad alleged the bank suspected employees in Dubai of misconduct.

In a statement on Monday, the bank said that in early 2014 the employee, who has not been named, had received less than $100,000 from a private banking client and transferred it through his personal account to a third account, violating company policy.

In response, a DFSA spokesperson said late on Monday: “The DFSA is aware of the conduct reported in the media today following an announcement by ABN AMRO. The DFSA’s investigation into this matter is ongoing. The DFSA continues to work with ABN AMRO, and its home country regulators in the Netherlands, to resolve this matter. The DFSA has made no findings at this point in time.”

ABN Amro said it had suffered no losses and had notified financial supervisors in Dubai and the Netherlands.

The bank said it expects its investigation to be completed in the fourth quarter of 2015.

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