20 May 2022
Ministry of Finance, UAE introduces new reporting portal
Currently, all the Reporting Financial Institutions (RFIs), whether regulated or unregulated, were undertaking Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting on the portal provided by the respective authorities with whom they were registered i.e., Dubai International Financial Centre (DIFC) or Abu Dhabi Global Market (ADGM).

Since compliances under FATCA/CRS regulations were done on multiple platforms, the Ministry of Finance, UAE was working on formulating infrastructural changes to streamline the process and have effective implementation of the FATCA/CRS regulations. This in turn would enable the Finance Ministry to achieve its overall objective of exchanging information with member countries.

To enable the RFIs with a single platform for filing FATCA and CRS returns, the Ministry has launched a new reporting portal. This portal will enable the users to do all the compliances with respect to the filing of FATCA/CRS returns and also the CRS risk-based assessment forms.
Way Forward
All the entities whether regulated or unregulated will be receiving a link for accessing the new reporting portal on their registered email address. The users will need to register themselves to complete the FATCA/CRS reporting for the calendar year 2021.

Nexdigm has been at the forefront in assisting clients with FATCA/CRS compliances introduced by the Ministry of Finance from time to time. This includes assisting clients in carrying out due diligence for all their account holders and identifying the reportable accounts for the purpose of FATCA/CRS returns, filing of CRS risk assessment forms.

It is to be noted that FATCA/CRS reporting for the calendar year 2021 as well as CRS risk assessment forms are required to be completed on the new reporting portal on or before 30 June 2022.
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