UAE: FATCA, CRS risk assessment questionnaire user guide
The UAE Ministry of Finance issued a new FATCA and CRS risk assessment questionnaire user guide.
UAE Ministry of Finance issued new FATCA and CRS risk assessment questionnaire user guide
The UAE Ministry of Finance on 25 June 2023, issued a new FATCA and common reporting standard (CRS) risk assessment questionnaire user guide (v1.0).
The user guide requires all UAE reporting financial institutions registered on the Ministry of Finance FATCA/CRS system to complete a risk assessment questionnaire within the stipulated deadline for FATCA and CRS purposes.
Reporting financial institutions reporting to multiple UAE regulatory authorities are required to submit a separate risk assessment questionnaire for FATCA and/or CRS, depending on the obligations applicable to that UAE reporting financial institution. Reporting financial institutions with no FATCA and CRS reporting obligations for the reporting year are not obligated to fill out the questionnaire.
The user guide details the process for completion of the questionnaire. The user guide also notes that the questionnaire is only considered complete when the user has clicked “Complete Checking,” after which the questionnaire will be submitted to the regulatory authorities for review. The FATCA/CRS system does not allow for late filing of the questionnaire, failure to submit by the stipulated deadline may result in the imposition of penalties and sanctions by the regulatory authorities on the UAE reporting financial institutions.
Read a July 2023 report [PDF 356 KB] prepared by the KPMG member firm in the UAE
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