CBUAE Cracks Down on Tax Reporting Non-Compliance with Heavy Fines

UAE, 26 March, 2025 : The Central Bank of the UAE (CBUAE) has imposed financial penalties totaling AED 2.62 million on five banks and two insurance companies operating in the UAE for non-compliance with Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) regulations.

The penalties were issued due to deficiencies in due diligence and financial reporting accuracy, despite the CBUAE granting financial institutions sufficient time to address the shortcomings. The violations highlight failures in meeting international compliance standards aimed at curbing tax evasion.

CBUAE emphasized that the enforcement action strengthens the integrity and transparency of the UAE’s financial system. It also aligns with the country’s commitment to global financial regulations, reinforcing its position as a trusted international financial hub.