Regulatory Alerts2017-09-29
Insurance Authority Board of Directors Decision No. (32) of 2017 Concerning the Common Reporting Standard Regulations
The UAE Insurance Authority issued Decision No. (32) of 2017 to implement the Common Reporting Standard for the automatic exchange of financial account information. The regulations mandate that Reporting Financial Institutions conduct due diligence, maintain records for five years, and file annual electronic returns identifying reportable accounts by June 30. Non-compliance triggers specific financial penalties, while the rules apply retrospectively to pre-existing accounts from December 31, 2016, and new accounts from January 1, 2017.
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