The central bank imposes financial fines on 5 banks and insurance companies

The United Arab Emirates Bank imposed a total financial fines of 2,621,000 dirhams on five banks, and two working insurance companies in the country, due to their lack of commitment to the procedures specified under the criterion of joint reporting (CRSThe tax compliance law of foreign accounts (FATCA).

The sanctions came as a result of the failure of these institutions in achieving the required compliance levels, especially in the aspects of due care procedures and the accuracy of financial reports, despite granting the central bank a sufficient period of time to all parties under its control to correct their conditions.

In its statement, the Central Bank stressed that this step contributes to enhancing the quality of the financial system in the UAE, and is in line with its commitment to international initiatives aimed at enhancing tax transparency and combating tax evasion, in order to preserve the UAE’s position as a financial center that adheres to the best global practices.