Thu 01-09-2022 18:34 PM
ABU DHABI, 1 September 2022 (WAM) — The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) has imposed fines ranging from AED30,000 to AED119,000 on five financial institutions that report violations. charged an administration fee. of the Common Reporting Standard Regulations 2017
The Organization for Economic Co-operation and Development (OECD) has developed a Common Reporting Standard (CRS) which was enacted in the UAE from 1 January 2017.
CRS is concerned with the exchange of financial and tax-related information on a global level between tax authorities and other international financial regulators through secure channels. It defines the scope of information that can be reported, the financial institutions that must be reported, the account holders that are subject to reporting, and the procedures that the financial institution must follow.
Actions imposed by the FSRA address failures (to the extent applicable in each case) to apply appropriate due diligence procedures. Maintain records of due diligence practices. Report required information completely and accurately. Obtain valid self-certification of tax information from the client.
FSRA Chief Executive Officer Emmanuel Zivanakis said: Strengthen the integrity of the ADGM financial system. Accordingly, the FSRA supports initiatives to make the tax system more transparent and to prevent practices aimed at evading tax returns. “
WAM/Khoder Nashar/MOHD AAMIR