Page 601 - AI for Good Innovate for Impact

AI for Good Innovate for Impact

Enhanced Reporting Templates

• Enhanced reporting templates enable the collection of additional data fields from
Reporting Financial Institutions to support TIN improvement and enhanced input data
validations. 4.6: Finance
• Enhances data validation checks to improve data quality, facilitate data review, and
strengthen compliance with reporting requirements.
Data Review
• Data review enables Regulatory Authorities and the MoF Competent Authority to review
data post-submission by Financial Institutions.
• This reporting functionality enables the MoF Competent Authority to perform targeted
outreach to the Reporting Financial Institutions to remediate any data issues if observed.
• This allows improvement of data quality prior to transmission to the partner jurisdictions.

II� Additional Resources Needed

To ensure continued alignment with evolving international standards and to enhance system
performance and scalability, the following additional resources are identified:

• Technology Upgrades: Enhancements to the current platform architecture may be
required to support the integration of new frameworks such as CRS 2.0 and the
CARF (Crypto-Asset Reporting Framework). This includes upgrading the system’s API
infrastructure.
• Advanced Validation Capabilities: The incorporation of more sophisticated validation
rules will be necessary to meet upcoming requirements under CRS 2.0 and CARF. This
may include rule-based logic for new data fields and cross-validation against global
reference datasets.
• Data Collection Expansion: To comply with future reporting obligations, the system will
need to capture additional data points and expanded taxpayer information under CARF.
• Training and Capacity Building: Continued investment in training for both Regulatory
Authorities and financial institutions will be required to ensure proper understanding and
adoption of new reporting standards and system functionalities.

3 Use Case Requirements

REQ-01: It is critical that the system enables Reporting Financial Institutions (RFIs) to register
their entities through a secure portal. It supports a maker-checker review workflow and is
integrated with UAE PASS for seamless login and authentication.

REQ-02: It is critical that the platform supports Excel-based data submissions from RFIs in
accordance with reporting obligations. Built-in input validation ensures erroneous or incomplete
data is automatically flagged prior to submission

REQ-03: It is expected that the system performs automated computation of risk ratings based
on responses to a standardized risk assessment questionnaire. These ratings are accessible to
Regulatory Authorities for use in audit planning and compliance monitoring.

REQ-04: It is critical that submitted data is converted into XML format for secure exchange with
international partner jurisdictions. The Ministry of Finance (Competent Authority) manages this
exchange and can initiate data corrections when needed.

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