Deutsche Bank has agreed to hand over documents relating to its wealth management clients to a Dubai court after being sued by Dubai Financial Services Authority (DFSA).

DFSA, which regulates the Dubai International Financial Centre (DIFC), had been probing private wealth management business of Deutsche Bank in December 2012 over potential breaches of due diligence.

The DFSA filed proceedings in the DIFC Courts on 31 October 2013 seeking orders that Deutsche Bank deliver information and documents, relating to a DFSA investigation into the conduct of Deutsche Bank.

However, the required information was not provided.

An out-of-court agreement between the bank and the Dubai regulator was struck whereby Deutsche Bank will provide the requested documents within 28 days.

Deutsche Bank also agreed to pay the DFSA’s costs in respect of the proceedings.

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Ian Johnston, CEO of the DFSA said: "The DFSA’s powers to request information and documents are important regulatory tools that assist the DFSA in conducting supervisory and enforcement activities. Where a person, without reasonable excuse, fails to comply with a DFSA Notice requiring it to deliver information and documents, the DFSA will enforce compliance with such a Notice by seeking orders in the DIFC Courts."

The investigations include cases related to the sub-prime crisis and the manipulation of Libor interest rates.