UAE banks and insurers fined for compliance failures

The UAE Central Bank has fined five banks and two insurance companies a total of Dh2.62 million. The fines are for not following required reporting procedures under the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA). The financial institutions failed to meet important compliance standards. This includes issues related to due diligence and the accuracy of their financial reporting. The Central Bank had previously given all licensed financial institutions enough time to fix these problems. The Central Bank believes that these actions will improve the quality of the UAE's financial system. They aim to support global efforts that promote integrity and transparency in tax systems and to combat tax evasion.