IRU gives firms extra time for FATCA, CRS financial disclosures
. . . delays reporting deadline to ease compliance burden
The Insurance Regulatory Unit has extended the deadline for submitting financial reports under the FATCA agreement and the Common Reporting Standard (CRS), giving regulated entities additional time to complete technical and operational requirements linked to international information exchange obligations.
Under a new circular, the deadline set in Circular No. 9 of 2026 has been pushed back, with FATCA and CRS reporting for the required years now due by August 31, 2026, instead of May 31.
The regulator said the extension aims to support entities under its supervision in finalizing reporting systems, completing required technical preparations and carrying out internal reviews and audits to ensure compliance with standards set by the Ministry of Finance.
It stressed that all other provisions of the circular remain in force without amendment, and urged firms to comply with the revised deadline.
The unit also warned that failure to submit the required reports on time could result in enforcement measures, including referral to the competent authorities and legal action under the Insurance Regulation Law and related legislation.
