The Central Bank of the United Arab Emirates (CBUAE) has fined five banks and two insurance firms AED 2,621,000 for failing to follow international reporting regulations.
These penalties result from the institutions’ failure to meet the reporting requirements of the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA).
The financial institutions did not comply with due diligence and financial reporting accuracy standards. The CBUAE had given them ample time to correct these issues before imposing the fines.
The central bank stated that these sanctions support global efforts to improve tax transparency, maintain tax system integrity, and combat tax evasion.
This move reaffirms the UAE’s commitment to upholding international best practices and strengthening its reputation as a leading financial hub.
