UAE: 5 banks, 2 insurance companies fined Dh2.62 million for violating tax rules

Sanctions were imposed due to the institutions' failure to meet compliance standards, particularly in due diligence and the accuracy of financial reporting

PUBLISHED: Tue 25 Mar 2025, 10:39 AM

By:
Web Desk

Five banks and two insurance companies operating in the UAE have been penalised for non-compliance with tax rules, the Central Bank of the UAE (CBUAE) announced on Tuesday.

Financial sanctions totalling Dh2,621,000 were imposed by the Central Bank on the banks and insurance companies for failing to report procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.

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The sanctions were imposed due to the institutions’ failure to meet compliance standards, particularly in due diligence and the accuracy of financial reporting, despite the CBUAE granting all licensed financial institutions ample time for rectification.

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The CBUAE affirms that this step enhances the quality of the UAE’s financial system, and aligns with its commitment to global initiatives promoting the integrity and transparency of tax systems and combat tax evasion, thereby preserving the UAE's position as a financial centre adhering to global best practices.