All banks operating in the UAE have been allowed ample time by the CBUAE to implement the 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.
CBUAE imposes financial sanction on exchange house operating in country
Sharjah property deals hit Dhs11.2b in H1
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 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 CBUAE to implement the CRS.
The CBUAE is committed to complying with all regulations to strengthen 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.WAM
The CEOs shared lessons learned and best practices in ensuring the safety of employees, safeguarding business continuity, and building resilience as they continue responding to COVID-19.
The total value of national banks’ assets rose by around 0.7 per cent on a monthly basis in July to Dhs2.8 trillion, up from Dhs2.78 trillion by the end of June 2020.
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Bank of Sharjah (the Bank or the Group), one of the leading commercial banks in the UAE, announced its audited financial results for the year ended Dec.31, 2022.
Dubai International Boat Show (DIBS) 2023, recently concluded after attracting over 30,000 visitors and industry players from across the globe to the Dubai Harbour