Image: ADGM/ For illustrative purposes
The Financial Services Regulatory Authority (FSRA) of ADGM (Abu Dhabi Global Market) has imposed fines totalling Dhs610,000 on 23 entities for breaching the Common Reporting Standard (CRS) Regulations 2017 and/or the Foreign Account Tax Compliance Act (FATCA) Regulations 2022.
The sanctions follow enforcement actions taken against the entities for a range of compliance failures, including not submitting required risk assessments and annual information returns, failure to follow due diligence procedures, reporting incomplete or inaccurate information, and not collecting valid self-certification forms from account holders.
The CRS and FATCA frameworks are part of international efforts to enhance tax transparency and combat global tax evasion.
The UAE’s participation in these inter-governmental arrangements facilitates the automatic exchange of financial account data with other jurisdictions.
ADGM’s FSRA committed to following global tax reporting standards
“ADGM is committed to upholding international tax reporting standards,” said Emmanuel Givanakis, CEO – FSRA at ADGM. “These enforcement outcomes reflect the FSRA’s firm support for the UAE’s commitment to financial transparency and alignment with global commitments to information exchange. We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility.”
Details of the FSRA’s CRS and FATCA penalty notices are available on the ADGM website.
