CBUAE Imposes AED 2.62 Million in Sanctions on Banks and Insurance Firms for Non-Compliance
Abu Dhabi, The Gulf Observer: The Central Bank of the UAE (CBUAE) has imposed financial sanctions totaling AED 2,621,000 on five banks and two insurance companies operating in the UAE for failing to comply with reporting procedures mandated by the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) guidelines.
The penalties were issued due to the institutions’ non-compliance with due diligence and financial reporting accuracy requirements. Despite being granted ample time to rectify deficiencies, the institutions failed to meet the required compliance standards.
The CBUAE stated that these sanctions are part of its ongoing efforts to uphold the integrity of the UAE’s financial system. The enforcement actions align with the central bank’s commitment to global initiatives aimed at ensuring transparency, preventing tax evasion, and maintaining the UAE’s reputation as a financial hub adhering to international best practices.
