CMA Circular of 2022 · UAE Federal
Explains the data reporting financial institutions must collect and include in Common Reporting Standard reports, such as dates of birth and tax identification details of reportable persons.
This CMA circular tells UAE Reporting Financial Institutions what data must be collected and reported, and in what quality, under the Common Reporting Standard (CRS). It focuses on four data elements that partner jurisdictions most often cannot use: tax identification numbers (TINs), dates of birth, first and last names, and addresses.
It recalls that the UAE signed the Multilateral Convention, the Multilateral Competent Authority Agreement and the Unilateral Declaration in April 2017. Institutions must apply due diligence to identify reportable accounts and collect self-certifications. Individual account holders declare their name, residence address, tax residence and TIN; entities also give information on their controlling persons. The institution is responsible for effective systems and for meeting data quality requirements.
For new accounts opened on or after 1 January 2017, TINs must be collected at onboarding unless the jurisdiction issues none or does not require one. The date of birth must also be collected, and a self-certification without a date of birth is invalid. The institution must check that the date is reasonable against documentary evidence. For pre-existing accounts opened before 1 January 2017, all TINs and dates of birth must be reported. Where the institution does not hold them, it must make and document reasonable efforts to obtain them.
TIN formats must be checked against the OECD's published guidance for the jurisdiction claimed. Names must be compared with official documents; a person with a single name is reported with "NFN" (No First Name) as the first name and the mononym as the last name. The address reported is the permanent residence address, or the mailing address if no permanent address is held. It must be detailed enough for the partner jurisdiction to identify the account holder.
The circular is guidance subject to domestic CRS legislation and carries no penalties of its own.
UAE Reporting Financial Institutions under the Common Reporting Standard supervised by the Capital Market Authority, and through them their individual and entity account holders and controlling persons who must provide self-certifications.
English official text in 3 passages. Open the full text or jump to a provision:
| Section – Impact of the CRS | Account holders must provide self-certifications at account opening: individuals give name, residence address, tax residence and TIN; entities also give controlling person information; institutions must have effective systems and meet data quality requirements. |
| Section – Tax Identification Number | TINs must be collected at onboarding for accounts opened on or after 1 January 2017, subject to exceptions; for pre-existing accounts, reasonable efforts to obtain missing TINs must be made and documented. |
| Section – Date of Birth | Date of birth must be reported for all individual reportable persons; a self-certification without it is invalid, and the date must be cross-checked against documentary evidence. |
| Section – Quality of TIN data collected | Institutions must check the structure and format of TINs against the OECD guidance for the jurisdiction in which the person claims tax residence. |
| Section – First name and last name | Names must be compared against official documents; for a mononym the first name field is completed as NFN and the last name with the single name. |
| Section – Address | Report the permanent residence address, or the mailing address if none is held, in enough detail for the partner jurisdiction to identify the account holder. |
Polaris does not file CRS returns, but our clients and their controlling persons complete CRS self-certifications every time they open a brokerage, custody or bank account. Forms are rejected when the TIN format, date of birth or address does not match the supporting documents. For the companies we form and administer, we keep each controlling person's passport name, date of birth, tax residence and TIN on the corporate record in the same form, so self-certifications can be completed accurately and consistently across institutions.
No amendments, repeals or cross-references recorded for this instrument.
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