Five banks and two insurance companies operating in the UAE have been penalised for violating tax rules, the Central Bank of the UAE (CBUAE) announced on Tuesday.
The authority said they handed out a total of AED 2.62 million in fines.
According to a statement issued by the CBUAE, the seven entities had failed to comply with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines.
The authority said the fines were imposed after the entities were given ample time for rectification.
The CBUAE, through its supervisory and regulatory mandates, said it works to enhance the quality of the financial system in the UAE and combat tax evasion.
UAE Government Annual Meetings conclude in Abu Dhabi
UAE President declares 2026 'Year of the Family'
H.H. Sheikh Mohammed reviews updates on key national initiatives
Dubai boosts aviation security with new state-of-the-art system
UAE supports efforts for immediate truce in Sudan
Abu Dhabi closes 2 shops for selling tobacco near school zones
UAE unveils AED 170 billion road, transport plan to ease traffic
Dubai rolls out new taxi fares for app bookings
