The headquarters of the Central Bank of the UAE.
PHOTO BY ARCHIVE
The Central Bank of the UAE has fined six banks operating in the country, according to the authority on Thursday (July 28).
The banks failed to adhere to the Common Reporting Standard (CRS). All banks operating in the UAE have been allowed ample time by the CBUAE to implement the CRS.
According to the Central Bank of the UAE, the fine was imposed pursuant to a Cabinet resolution implementing the CRS, a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organisations across the world through secure channels.
It sets out the required information to be exchanged, the types of financial institutions required to report, the different types of financial accounts and account holders in scope, as well as the common due diligence procedures to be followed by financial institutions.
The financial sanctions take into account the banks’ “failures to achieve appropriate levels of compliance regarding required due diligence and reporting procedures and standards”.
The CBUAE is committed to complying with all regulations to strengthen the nation’s financial and banking system. This supports the UAE’s commitment to global initiatives to enhance the integrity and transparency of tax systems and combat tax evasion. ICA/WAM/Expat Media
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