Basically an MB compressor has a compressor on each band of a frequency spectrum. The bands usually overlap each other, and usually you can't shape the band curves much, which is essential to what EQs do.
Dynamic EQ also have several bands, but they are not compressed as in MB compressor. Signal in a certain band is eq'd, if the signal is above a certain threshold.
People can get confused, because many newer MB compressors and dynamic EQs borrow features from each other. E.g. iZotope Dynamic EQ includes attack and release, which can be found from compressors. Fabfilter's MB compressor gives curve shaping features similar to EQs (you can minimize the overlap of each band).
As Dietz said, Dynamic EQs are good for pinpointing and correcting certain frequencies, MB compressors are used for balancing. And to answer your question, if an MB compressor such as Fabfilter's MB compressor is redundant when owning iZotope's Dynamic EQ: I think it's not redundant, because they are used for a bit different purposes.