UAE Central Bank imposes AED2.6mn in sanctions on financial institutions
The sanctions stem from the institutions' non-adherence to reporting procedures mandated by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.
Specifically, the financial institutions did not meet compliance standards in crucial areas of due diligence and financial reporting accuracy, according to a statement by the Emirates News Agency (WAM), which added that the CBUAE had previously provided licensed financial institutions sufficient time to rectify these shortcomings.
The central bank emphasised that the sanctions align with global initiatives aimed at promoting tax system integrity and transparency, and combating tax evasion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dubai Eye
9 hours ago
- Dubai Eye
UAE Central Bank gold reserves rise 26% in five months
The Central Bank of the United Arab Emirates (CBUAE) increased its gold reserves by 25.899 per cent during the first five months of the year to AED 28.933 billion at the end of May, up from AED 22.981 billion at the end of December 2024. According to the Central Bank's statistical bulletin issued on Wednesday, the CBUAE's gold holdings rose by 0.49 per month, month-on-month in May, to AED 28.791 billion at the end of April. Statistics showed that demand deposits also grew, exceeding AED 1.166 trillion by the end of May, compared to AED 1.109 trillion at the end of December 2024. Of this total, AED 892.577 billion were in local currency and AED 74.329 billion in foreign currencies. Savings deposits rose to AED 359.57 billion at the end of May, up from AED 317.48 billion at the end of December 2024. This included AED 305.508 billion in local currency and AED 54.062 billion in foreign currencies. Time deposits exceeded AED1billion for the first time by the end of May, including AED614.854 billion in local currency and AED 398.348 billion in foreign currencies.
Dubai Eye
9 hours ago
- Dubai Eye
UAE Central Bank fines Malik exchange house AED2 million
The Central Bank of UAE (CBUAE) has revoked the licence of Malik Exchange and imposed a fine of AED2 million for violations of anti-money laundering and counter-terrorism financing regulations. The authority also removed the exchange house from the registry. The decision was taken after an investigation conducted by the CBUAE revealed that the exchange house failed to "to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations". The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws adopted to safeguard the transparency and integrity of the UAE financial system.
ARN News Center
9 hours ago
- ARN News Center
UAE Central Bank gold reserves rise 26% in five months
The Central Bank of the United Arab Emirates (CBUAE) increased its gold reserves by 25.899 per cent during the first five months of the year to AED 28.933 billion at the end of May, up from AED 22.981 billion at the end of December 2024. According to the Central Bank's statistical bulletin issued on Wednesday, the CBUAE's gold holdings rose by 0.49 per month, month-on-month in May, to AED 28.791 billion at the end of April. Statistics showed that demand deposits also grew, exceeding AED 1.166 trillion by the end of May, compared to AED 1.109 trillion at the end of December 2024. Of this total, AED 892.577 billion were in local currency and AED 74.329 billion in foreign currencies. Savings deposits rose to AED 359.57 billion at the end of May, up from AED 317.48 billion at the end of December 2024. This included AED 305.508 billion in local currency and AED 54.062 billion in foreign currencies. Time deposits exceeded AED1billion for the first time by the end of May, including AED614.854 billion in local currency and AED 398.348 billion in foreign currencies.
