The ADGM Financial Services Regulatory Authority imposed total penalties of AED 610,000 on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022. The enforcement actions address a range of compliance failures under the CRS and FATCA frameworks, including failures to submit risk assessments and required annual information returns, follow due diligence procedures, report information completely and accurately, and collect valid self-certification forms. The FSRA has published the related CRS and FATCA penalty notices on the ADGM website.
ADGM Financial Services Regulatory Authority 2025-05-26
United Arab Emirates' ADGM Financial Services Regulatory Authority fines 23 entities AED 610,000 for CRS and FATCA breaches
The ADGM Financial Services Regulatory Authority imposed AED 610,000 in penalties on 23 entities for violating the Common Reporting Standard Regulations 2017 and the Foreign Account Tax Compliance Regulations 2022. The enforcement actions addressed compliance failures like inadequate risk assessments, incomplete or inaccurate reporting, and failure to collect valid self-certification forms. Penalty notices are available on the ADGM website.