The UAE Central Bank has imposed fines totaling Dh2.62 million on five banks and two insurance companies for failing to meet regulatory compliance standards.
The penalties were issued due to non-compliance with reporting obligations under the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA). These regulations are designed to enhance financial transparency and prevent tax evasion by ensuring accurate disclosure of financial accounts held by foreign nationals.
Despite receiving ample time to address compliance gaps, the sanctioned institutions failed to meet due diligence and reporting accuracy requirements. The Central Bank reaffirmed that maintaining strict oversight is essential for upholding the integrity of the UAE’s financial system and aligning with international best practices. 
By enforcing these measures, the UAE reinforces its commitment to transparency, financial accountability, and global tax compliance standards.
