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The sanctions were imposed due to the institutions’ failure to meet compliance standards, particularly in due diligence and the accuracy of financial reporting, despite the CBUAE granting all licenced financial institutions ample time for rectification.
The CBUAE affirmed that this step enhances the quality of the UAE’s financial system, and aligns with its commitment to global initiatives promoting the integrity and transparency of tax systems and combat tax evasion, thereby preserving the UAE's position as a financial centre adhering to global best practices.