An important function of the Central Bank is to receive data from Licensed Financial Institutions on various aspects of the Licensed Financial Institution’s activities by way of the Licensed Financial Institution’s reporting requirements. The reporting requirements relate to a broad range of the Licensed Financial Institutions’ business activities and it is critical to receive complete and accurate information in a timely manner to enable the Central Bank to maintain effective supervision of regulated entities.
The obligation to file regulatory returns or reports to the Central Bank is set out in Central Bank Notice No. 157/2013 dated 11 April 2013.
All Licensed Financial Institutions are under an obligation to file regulatory returns or reports under the Central Bank’s Integrated Regulatory Reporting System as per the required frequency and format.
The reporting obligations stated in this Article are subject to change as notified by the Central Bank to Licensed Financial Institutions. Such changes will be informed to all Licensed Financial Institutions via https://13L5.15.15/cbuaeirr/ under “Alerts”.
It is mandatory for Licensed Financial Institutions to monitor the “Alerts” during the working day to ensure that the reporting obligations are met.
Licensed Financial Institutions must have a formal process to ensure they are able to comply with the reporting requirements. Failure to meet the filing requirements is a violation of the Licensed Financial Institutions’ obligations.
Licensed Financial institutions reporting requirements are as follow:
a. The Bank’s Reporting Requirements are as follows :
i. Monthly Reports - The first batch of monthly reports must be filed within 7 working days (excluding weekends and public holidays) after the month end;
ii. Monthly Reports - The second batch of monthly reports must be filed within 11 working days (excluding weekends and public holidays) after the month end;
iii. Monthly Reports - The third batch of monthly reports must be filed by the 25th following each month end or the following working day if the 25th is a holiday;
iv.Quarterly Reports - The first batch of quarterly reports must be filed by the 25th following each calendar quarter end or the following working day if the 25th is a holiday;
v. Quarterly Reports - The second batch of quarterly reports must be filed by the 30th/31st following each quarter end or the following working day if the 30th or 31st is a holiday;
vi. Half Year Reports - The first batch of half-yearly reports must be filed by 31st July and 31st January or the following working day if the 31st is a holiday;
vii. Half Year Reports - The Second batch of half-yearly reports must be filed by 31st July and 31st January or the following working day if the 31st is a holiday;
viii. Yearly Reports- Must be filed by 31st January following the year end or the following working day if the 31st is a holiday;
ix. Quarterly Islamic Returns - Must be filed by 30th or 31st of the month end following the quarter end; or the following working day if the 30th or 31st is a holiday;
X. To submit any additional daily, weekly, fortnightly and other reports as required in the Integrated Regulatory Reporting System, or by law as applicable;
xi. Failure of the bank to comply with its reporting obligations will result in a fine of AED 1,000for each violation.
xii. A daily rate of AED 1,000 will be applied for the delay of each working day that continues after the initial violation with a maximum threshold of AED for each violation; and
xiii Submitting erroneous data in any of its reporting requirements will result in a fine of AED 50,000for each violation.
b. The Exchange House’s Reporting Requirements are as follows:
i. Monthly reports: The first batch of monthly reports must be filed within 15 working days (excluding weekends and public holidays) after the month end;
ii. Monthly reports: The second batch of monthly reports must be filed within 15 working days after the month end;
iii. Monthly reports: The third batch of monthly reports must be filed within 15 working days after the month end;
iv. Quarterly reports: Must be filed within 15 working days after the quarter end;
v. To submit a Certificate of Remittance Value issued by the External Auditor, within two (2) months from the end of every financial year;
vi. To submit any additional daily, weekly, fortnightly and other reports as required in the Integrated Regulatory Reporting System or by law as applicable;
vii. Failure of the Exchange House to comply with its obligations to submit their reporting requirements in a timely manner as required is a violation of the Standards and will result in a fine of AED 250 for each violation;
viii A daily rate of AED 250 will be applied for the delay of each working day that continues after the initial violation with a maximum threshold of AED 25,000 for each violation; and
ix. Submitting erroneous data in any of its reporting requirements will result in a fine of AED 12,500 for each violation.
c. The Finance Company’s Reporting Requirements are as follows:
i. Monthly reports: The first batch of monthly reports must be filed within 14 working days (excluding weekends and public holidays) after the month end;
ii. Monthly reports: The second batch of monthly reports must be filed within 20 working days (excluding Saturdays and public holidays) after the month end;
iii. Quarterly reports: Must be filed by the 25th following each quarter or the following working day if the 25th is a holiday;
iv. Half-yearly reports: Must be filed by the 25th following each half year-end or the following working day if 25th is a holiday;
v. Yearly reports: Must be filed by the 25th of the following month or the following working day if the 25th is the holiday;
vi. To submit any additional daily, weekly, fortnightly and other reports as required in the Integrated Regulatory Reporting System or by law as applicable;
vii. Failure of the finance company to comply with its obligations to submit their reports in a timely manner as required is a violation, and will result in a fine of AED 500 for each violation;
viii. A daily rate of AED 500 will be applied for the delay of each working day that continues after the initial violation with a maximum threshold of AED 50,000 for each violation; and
ix. Submitting erroneous data in any of its reporting requirements will result in a fine of AED 25,000 for each violation.
d. Other Licensed Financial Institution’s reporting requirements are as follows:
i. To submit any reporting requirements for daily, weekly, fortnightly reporting and other reports as required in the Integrated Regulatory Reporting System or by Law as applicable;
ii. Failure of other Licensed Financial Institutions to comply with its obligations to submit their reporting requirements in a timely manner as required is a violation, and will result in a fine of AED 500 for each violation;
iii. A daily rate of AED 500 will be applied for the delay of each working day that continues after the initial violation with a maximum threshold of AED 50,000 for each violation; and
iv. Submitting erroneous data in any of its reporting requirements will result in a fine of AED 25,000 for each violation.