UAE Central Bank fines banks and insurers over reporting failures

The Central Bank of the United Arab Emirates (CBUAE) has imposed financial penalties totaling AED 2.62 million on five banks and two insurance companies for failing to comply with international reporting standards.

The sanctions were issued due to violations of the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA), both of which are designed to enhance global tax transparency. The affected institutions reportedly fell short in key areas such as due diligence and financial reporting accuracy.

According to the Emirates News Agency (WAM), the CBUAE had previously granted financial institutions sufficient time to address these compliance gaps before issuing penalties.

The central bank emphasized that the sanctions are in line with international efforts to promote transparency, protect the integrity of the global tax system, and combat tax evasion.

This move reinforces the UAE’s ongoing commitment to aligning with global best practices and maintaining its position as a trusted and compliant financial hub.