Latest news with #regulatoryauthority
Khaleej Times
28-05-2025
- Business
- Khaleej Times
UAE central bank imposes over Dh18 million fine against 2 foreign bank branches
A UAE authority imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dh10,600,000 for the first bank and Dh7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures 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, endeavors to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Khaleej Times
26-05-2025
- Business
- Khaleej Times
UAE fines 23 companies Dh610,000 for violating global tax reporting rules
The Financial Services Regulatory Authority (FSRA) of ADGM imposed penalties on 23 companies totalling Dh610,000 for not abiding by the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022. Some of the breaches of CRS and FATCA compliance policies included failure to conduct risk assessments, follow due diligence procedures, submit the required annual information returns, and obtain valid self-certification forms. The regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion. The underpinning inter-governmental arrangements entered into by the UAE enhance global tax transparency by facilitating the automatic exchange of financial account data between jurisdictions.
