ADGM’s Financial Services Regulatory Authority Fines 23 Entities for Breaching Common Reporting Standard Regulations, Foreign Account Tax Compliance RegulationsAbu Dhabi, 26 May 2025: The Financial Services Regulatory Authority (FSRA) of ADGM imposes penalties totaling AED 610,000 on 23 entities for contraventions of the Common Reporting Standard Regulations 2017 and/or the Foreign Account Tax Compliance Regulations 2022 (together, the Regulations).

The Regulations implement international frameworks that require reporting entities to collect and report information on foreign account holders to help combat international tax evasion. The underpinning inter-governmental arrangements entered into by the UAE enhance global tax transparency by facilitating the automatic exchange of financial account data between jurisdictions.

The actions taken by the FSRA of ADGM address a range of CRS and FATCA compliance breaches, including failures on the part of in-scope entities to:

  • submit risk assessment(s);
  • submit the required annual information return(s);
  • follow due diligence procedures
  • report information in a complete and accurate manner; and
  • collect valid self-certification forms.

Emmanuel Givanakis, Chief Executive Officer of the FSRA at ADGM, said: “ADGM is committed to upholding international tax reporting standards. These enforcement outcomes reflect the FSRA’s firm support for the UAE’s commitment to financial transparency and alignment with global commitments to information exchange. We are committed to identifying and addressing practices that do not meet our commitment to combat tax evasion through implementing robust and effective regulations in line with leading global standards of compliance and reporting responsibility".

A copy of the FSRA’s CRS and FATCA penalty notices can be found on the ADGM website at URL: https://www.adgm.com/operating-in-adgm/additional-obligations-of-financial-services-entities/enforcement/regulatory-actions

About ADGM

ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world.

Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi.

ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and multiple jurisdictions have positioned the centre as one of the world’s most advanced, diverse, and progressively governed financial hubs.

For more details on ADGM, please visit www.adgm.com or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket

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