2024-02-12 10:25:38
The Financial Services Regulatory Authority of the Abu Dhabi Global Market imposed financial penalties amounting to a total of 170 thousand dirhams on six financial institutions, for violating the rules of the Common Reporting Standards regarding the preparation of financial reports for the year 2017.
The Common Reporting Standards govern the collection of information related to financial accounts and taxes and the exchange of information between international regulatory bodies. They also define the scope of financial information that financial institutions must collect and report, in addition to the due diligence procedures that must be followed by those financial institutions.
A statement issued today, Monday, stated that the joint reporting standards were developed by the Organization for Economic Cooperation and Development and were established in the UAE in 2017.
The penalties imposed by the Financial Services Regulatory Authority came due to the failure of these institutions (each case separately) to: apply appropriate due diligence procedures, maintain records of due diligence performance, report the required information completely and accurately, and/or submit the required annual information report.
The CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market, Emmanuel Jevanakis, said: “The Abu Dhabi Global Market is committed to complying with international standards, and in turn, the Financial Services Regulatory Authority is keen to maintain a strong supervisory framework and implementation system, in order to support the UAE’s commitment to exchanging international tax information in a manner that “It is in line with the national agenda to enhance financial transparency.”
He added: “Compliance with the requirements of the Common Reporting Standards for tax reporting is a top priority for the Financial Services Regulatory Authority, as it is consistent with our goal of supporting and enhancing the integrity of the financial system in the Abu Dhabi Global Market,” stressing “continued commitment to taking regulatory measures against practices that aim to Fraud on tax reports.
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