Winners of the annual Emirates Labour Market Award spoke about how they plan to use the money to build their dream houses, start businesses
uae3 hours ago
The Central Bank of the UAE (CBUAE) on Thursday said it imposed financial sanctions on six banks operating in the UAE for failures to achieve appropriate levels of compliance regarding required due diligence and reporting procedures and standards.
The banks have been penalised in line with implementing certain provisions of the Organisation for Economic Cooperation and Development (OECD)’s Multilateral Administrative Agreement for Automatic Exchange of Information and Common Reporting Standard (CRS).
The CRS is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organisations across the world through secure channels. It sets out the required information to be exchanged, the types of financial institutions required to report, the different types of financial accounts and account holders in scope, as well as the common due diligence procedures to be followed by financial institutions.
The Central Bank said the financial sanctions take into account the banks’ failures to achieve appropriate levels of compliance regarding required due diligence and reporting procedures and standards. All banks operating in the UAE have been allowed ample time by the regulator to implement the CRS.
ALSO READ:
On Wednesday, the Central Bank imposed financial sanctions on an exchange house due to a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism. The Central Bank imposed a fine of Dh5.2 million on the exchange house.
The Central Bank said it is committed to complying with all regulations aimed at strengthening the nation’s financial and banking system. This supports the UAE’s commitment to global initiatives to enhance the integrity and transparency of tax systems and combat tax evasion.
- waheedabbas@khaleejtimes.com
Winners of the annual Emirates Labour Market Award spoke about how they plan to use the money to build their dream houses, start businesses
uae3 hours ago
10 lucky fans will have the once-in-a-lifetime chance to meet the eight-division world champion
uae attractions4 hours ago
ASAS 2024 brought together over 1,000 young talents from 50 nationalities under the theme 'Art and Innovation'
kt network4 hours ago
While President-elect Trump's administration originally filed the search case against Google during his first term, he indicated he might not break up the company
tech5 hours ago
The gathering explored the cutting edge of cinema, new media, PR and marketing, IT technologies, eSports, and game development
kt network5 hours ago
Passengers were currently being prevented from entering the building
world5 hours ago
Users will be able to select transcript language, too; here's how the new smart tool works
tech5 hours ago
With the new tariff, Yango Ride users can expect comfortable, modern limo vehicles starting from a minimum fare of Dh15.6
kt network6 hours ago