The Financial Services Regulatory Authority of Abu Dhabi’s Global Market has fined six financial institutions a total of 170,000 AED for Common Reporting Standard Regulations 2017 breaches.

The institutions were fined for failing to follow due diligence procedures in line with the Regulations, keep records of the performance of due diligence, report the required information in a complete and accurate way and/or submit the required annual information return.

For more news and content, try Lexis Middle East. Click on lexis.ae/demo to begin your free trial of Lexis® Middle East platform.

You can also explore the legal landscape by subscribing to our Weekly Newsletter.

Want to learn more about Lexis® Middle East? Visit, https://www.lexis.ae/lexis-middle-east-law/.