May 28, 2025
Abu Dhabi, 26 May 2025 – The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has imposed fines totaling AED 610,000 on 23 entities for breaches of the Common Reporting Standard (CRS) Regulations 2017 and/or the Foreign Account Tax Compliance Act (FATCA) Regulations 2022 (collectively, the Regulations).
These Regulations implement global frameworks requiring reporting entities to gather and report information on foreign account holders, supporting international efforts to combat tax evasion. The UAE’s intergovernmental agreements facilitate automatic exchange of financial account data across jurisdictions, enhancing global tax transparency.
The FSRA’s enforcement actions address various CRS and FATCA compliance failures by the entities, including lapses in:
- Submitting risk assessments;
- Filing mandatory annual information returns;
- Adhering to due diligence procedures;
- Reporting data completely and accurately; and
- Collecting valid self-certification forms.
Emmanuel Givanakis, CEO of FSRA at ADGM, stated: “ADGM remains dedicated to maintaining international tax reporting standards. These enforcement measures demonstrate our strong support for the UAE’s commitment to financial transparency and alignment with global information exchange obligations. We are focused on identifying and rectifying non-compliant practices to combat tax evasion through rigorous regulations that meet leading global compliance and reporting standards.”
For detailed information on the FSRA’s CRS and FATCA penalty notices, visit the ADGM website:
https://www.adgm.com/operating-in-adgm/additional-obligations-of-financial-services-entities/enforcement/regulatory-actions
About ADGM
Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of Abu Dhabi, the UAE’s capital, officially launched on 21 October 2015. ADGM enhances Abu Dhabi’s role as a premier financial hub and gateway between the Middle East, Africa, South Asia, and global markets.
Operating under an international regulatory framework grounded in English Common Law, ADGM oversees Al Maryah Island and Al Reem Island, designated as Abu Dhabi’s financial free zones.
Ranked among the top IFCs in the Middle East and Africa, ADGM’s progressive and inclusive ecosystem drives growth, resilience, and optimism for both financial and non-financial institutions worldwide. Its strong ties with multiple jurisdictions position ADGM as one of the world’s most advanced and well-regulated financial hubs.
