FATCA/CRS Compliance Alert: Filing Deadline for ADGM/DIFC/Other Structures − 30th June 2021
All UAE entities classified as “Reporting Financial Institutions (RFI)” are required to comply with their FATCA & CRS assessment & reporting obligations by 30th June 2021.
The definition of a RFI is not limited to Regulated Financial Institutions but can also apply to non-regulated, non-financial entities such as Holding Companies, Foundations and Operating Companies carrying out certain activities which are deemed to be “Investment Entities”. This includes ADGM/DIFC holdings and Foundations, as well as similar structures incorporated with other UAE registries.
Those falling within scope are required to file their annual report via the Ministry of Finance portal on or before this date, else face significant financial penalties that can reach as high as AED 250,000 with administrative penalties being applied for every day of failure to comply.
Further information and guidance can be found on our website here
How we can help
Analysis and filings related to FATCA/CRS are complex.
Rethink’s Regulatory and Compliance team is on hand to assess your entity’s obligations and complete all regulatory filings on your behalf.
If you require any assistance to comply with the tight deadlines, please email the team at firstname.lastname@example.org or contact the office on +971 4 294 9203 and one of our consultants will be happy to help.
Who We Are
Re/think is a boutique consultancy firm that offers tailored regulatory expertise and focuses on guiding clients in reducing the risk of non-compliance and maintains a close working relationship with the financial services supervisory authorities/regulators (DFSA, DIFC & FSRA, ADGM).