Page 597 - AI for Good Innovate for Impact

AI for Good Innovate for Impact

Use Case- 7: Strengthening Financial Integrity and International

Trust: UAE’s FATCA/CRS Framework 4.6: Finance

Country: United Arab Emirates

Organization: Ministry of Finance

Contact Person(s):

Hana Akram, hhakram@ mof .gov .ae

Asma Alzarooni, amalzarooni@ mof .gov .ae

1 Use Case Summary Table

Item Details
Category Finance

Problem Lack of transparency and standardization in cross-border financial reporting
Addressed enables tax evasion and limiting the ability of authorities to detect and act on
non-compliance.

Key Aspects Implementation of a centralized digital system enabling secure registration, risk
of Solution assessment, data validation, and international information exchange.
The system enhances compliance monitoring through automated audit tools
and facilitates data sharing with over 80 jurisdictions, ensuring alignment with
FATCA and CRS standards.
Technology Data Transmission: International Data Exchange Service (IDES) for FATCA,
Keywords Common Transmission System (CTS) for CRS
Identity / Security: Login through UAEPASS (UAE’s national digital identity
Data packaging: XML Data Packaging
Data Quality Management: Input data validation rules (including TIN format
validation algorithm)
Compliance: Risk assessment questionnaire and audit assessment

Data Availabil- Data submitted by Reporting Financial Institutions (RFI) is private and securely
ity stored within the UAE Ministry of Finance FATCA/CRS System. Access is
restricted to authorized personnel only. Each Regulatory Authority can access
data only for the RFIs under its remit and cannot view data submitted to other
authorities. No public repository is available due to confidentiality requirements
under FATCA and CRS agreements.

Metadata Structured data (e.g., account information, financial details, risk ratings), tabular
(Type of Data) data (Excel/CSV) (e.g. data submission, reports generated), and XML files for
standardized reporting and transmission.

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