190312 uae central bank
The UAE Central Bank. Image Credit: Gulf News Archives

Abu Dhabi: The UAE Central Bank has imposed financial sanctions on six banks in the country for not fully complying with the country’s reporting procedures.

The directives, in line with the Organisation for Economic Cooperation and Development’s guidelines on common reporting standards (CRS), were not adhered to, the central bank found.

The CRS is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organisations across the world through secure channels.

It sets out the required information to be exchanged, the types of financial institutions required to report, the different types of financial accounts and account holders in scope, as well as the common due diligence procedures to be followed by financial institutions.