Tax crimes along with other financial  crimes, pose a serious threat to the global financial system. They undermine the strategic, political and economic interests of both developed and developing countries. Tax evasion  is formally recognized as a predicate offence for money laundering.

Ajman Bank is fully committed to combating tax evasion and ensuring compliance with all applicable laws and regulations, including the UAE Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism, and the regulatory requirements issued by the Central Bank of the UAE (CBUAE).

To promote global tax compliance, the UAE government has entered into agreements with international counterparts for the automatic exchange of financial information regarding certain account holders. These include the U.S. Foreign Account Tax Compliance Act (FATCA) and the Organization for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS), under which Ajman Bank is required to report information on certain account holders and entities.

Furthermore, in line with Ajman Bank’s commitment to fight all types of financial crimes, stringent KYC checks at time of on-boarding clients are performed to ensure that the accounts will not be used for tax evasion purposes. The Bank also promotes awareness among its employees through regular training on tax crime risks and reporting obligations.

By adhering to these commitments, Ajman Bank safeguards its reputation, strengthens customer trust, and contributes to the integrity and stability of the UAE financial sector.