Entity classification
Confirming whether each entity in your group is a Reporting Financial Institution, and its FATCA and CRS status.
UAE financial institutions must identify reportable account holders and report them every year under FATCA and the Common Reporting Standard. We manage the process end to end, from classification and due diligence to preparing and submitting your reports on the Ministry of Finance portal.
Errors in classification, self-certifications or account data are where most problems start. We make sure your reports are complete, accurate and filed on time, and that your procedures stand up to review.
Talk to usConfirming whether each entity in your group is a Reporting Financial Institution, and its FATCA and CRS status.
Registration on the Ministry of Finance portal and, for FATCA, with the US IRS to obtain a GIIN.
Written procedures for identifying reportable accounts, covering new and pre-existing accounts held by individuals and entities.
Review of customer self-certifications and reasonableness checks against the information you hold from onboarding.
FATCA and CRS reports prepared in the required format, including nil reports where they apply, and submitted on the Ministry of Finance portal.
Testing the account data behind your reports and correcting gaps before submission.
Policies, controls and records that evidence your compliance if the authorities review it.
Preparing for the Crypto-Asset Reporting Framework and the amended CRS, including the new data you will need to collect from customers.
Confirm the status of every entity and which accounts are in scope.
Review procedures, self-certifications and account data, and fix the gaps.
Build the reports and reconcile them to your records.
File on the portal before the deadline and keep the evidence pack.
Investment funds and asset managers, insurers, brokers and custodians, payment institutions, family office and holding vehicles that qualify as investment entities, and other Reporting Financial Institutions onshore, in the DIFC and in ADGM.
Reporting Financial Institutions, such as custodial and depository institutions, investment entities and specified insurance companies, whether onshore or in a free zone, including the DIFC and ADGM. Businesses that are not financial institutions may still need to give self-certifications to their banks.
Annual FATCA and CRS reports are generally due by 30 June for the previous calendar year, through the Ministry of Finance portal. Check each year’s deadline, as it has been extended in the past.
Often, yes. A Reporting Financial Institution may need to submit a nil report. We confirm what applies to each of your entities.
The OECD’s Crypto-Asset Reporting Framework extends the automatic exchange of tax information to crypto-assets. The UAE has signed up to it, with data collection expected to start in 2027 and the first exchanges in 2028. Virtual asset businesses should start preparing now.