The Central Bank of the UAE (CBUAE) has imposed financial sanctions totaling AED 2.62 million on five banks and two insurance companies for failing to meet compliance requirements under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.
These institutions were penalized due to deficiencies in due diligence and inaccuracies in financial reporting, despite being granted sufficient time to rectify compliance issues.
Strengthening Financial Integrity
The CBUAE reaffirmed its commitment to maintaining the UAE’s status as a transparent and globally compliant financial hub. By enforcing these sanctions, the regulator aims to:
- Enhance financial system integrity
- Align with global tax transparency initiatives
- Combat tax evasion and strengthen compliance
The move underscores the UAE’s dedication to upholding international best practices in financial governance and regulatory oversight.
