The Central Bank of the United Arab Emirates (CBUAE) has collected financial sanctions worth AED2,621000 in five banks and two insurance companies for not complying with international reports standards.
The voice of the sanctions of the non -advent of the institutions to the mandatory report procedures for the Common Report Standard (CRS) and the Law of Foreign Taxes Compliance (FATCA).
Specifically, financial institutions did not comply with compliance standards in crucial areas of due diligence and precision of financial reports, cord about a statement by the Emirates news agency (WAM)He added that the CBUAE had previously provided to the financial institutions licensed sufficient time to rectify the thesis deficiencies.
The Central Bank emphasized that the sanctions are aligned with the global initiatives for the integrity and transparency of the Fiscal Promotion System, and the combination of tax evasion.
The measure underlines Eau’s commitment to maintain their reputation as a financial center that defends international best practices.
