Five banks, 2 insurers in UAE hit with fines by Central Bank

Five banks and two insurance companies have been imposed fines by the UAE Central Bank.

The financial sanctions total Dh2.62 million and are for non-compliance with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.

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

According to the Central Bank, 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.