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UAE Central Bank orders urgent probe into Banque Misr branches after US warning

The UAE Central Bank is investigating Banque Misr branches following US Treasury sanctions threats over anti-money laundering compliance concerns.

the national · 30 aug

7547 29 aug khaleej times UAE Central Bank orders probe into Banque Misr branches after US money laundering warning UAE regulator enforcement action on AML compliance at a licensed bank branch — signals priorities for internal controls and compliance risk management.

7289 26 aug the national UAE issues new regulation for top-up tax on large corporations UAE tax authority clarifies mandatory filing scope and entity definitions for DMTT compliance; directly affects multinationals' UAE tax obligations and FTA reporting. ▪ read

7218 25 aug pwc August 2026: Refreshed guidance on common control transactions PwC refreshes guidance on common control M&A accounting—a frequent practitioner pain point. Worth hearing the updated position. ▪ read

7043 23 aug the national E-invoicing is more than a compliance exercise for UAE companies UAE companies must now prepare their accounting systems and select service providers before the October 30 e-invoicing deadline to avoid implementation failures. ▪ read

6886 20 aug journal of accountancy FASB proposal addresses whether certain digital assets are cash equivalents FASB consultation on cash-equivalent treatment of stablecoins and digital assets; clarifies US GAAP reporting for entities holding or transacting in crypto-linked instruments.

6737 18 aug sec SEC Charges Former Executives With Fraud in Connection With $1.9 Billion Collapse of Subprime Auto Lender Tricolor The SEC charged former executives with fraud related to a $1.9 billion subprime auto lender collapse, highlighting accounting fraud risks in lending operations.

6167 11 aug the national Digital currency and VAT: New UAE rules for businesses to consider FTA issued formal directive on digital currency to AED conversion methodology; clarifies VAT and corporate tax treatment for UAE entities accepting crypto payments.

6127 10 aug the national 'Huge relief': UAE small businesses welcome corporate tax reprieve UAE corporate tax relief threshold raised to Dh3m and extended to 2029; impacts eligibility and planning for small-business clients and consolidated-group reporting.

5952 7 aug the national UAE extends corporate tax relief for small businesses until 2029 UAE extends small-business corporate tax relief to end-2029; clarifies Dh1m turnover threshold. Direct impact on UAE tax compliance scope for subsidiaries and portfolios below threshold. ▪ read

5824 5 aug grant thornton Initial recognition and measurement Big 4 explores how insurers should initially recognize and measure insurance contracts under IFRS 17, essential for finance leaders handling significant insurance obligations. ▪ read

5661 4 aug uae fta Federal Tax Authority confirms taxable persons eligible for small business relief must submit simplified corporate tax returns within prescribed legal deadline UAE corporate tax filing requirement clarification for small business relief claimants. Affects return preparation timeline and compliance obligations. ▪ read

5315 30 jul frc Investigations into the conduct of individual accountants and regarding an audit of John Wood Group plc FRC enforcement case involving financial reporting and audit quality at a listed company; illustrates control-environment and auditor communication risks material to corporate governance assessment.

5291 29 jul pwc July 2026: IFRS 20 Regulatory Assets and Regulatory Liabilities IFRS 20 is a new standard affecting utility and regulated-rate entities; this episode walks through the accounting model with IASB technical input. ▪ read

5191 28 jul icaew Bringing leases on balance sheet: common pitfalls and issues ICAEW practical guidance on FRS 102 lease-accounting implementation; identifies real initial-application pitfalls for a recently mandated standard. ▪ read

5157 28 jul frc Sanctions against Ernst & Young LLP and Ms Julie Carlyle FRC enforcement action against a Big 4 auditor and partner; relevant precedent for audit quality, independence, and regulator expectations even outside UK.

4855 23 jul frc FRC Annual Enforcement Review highlights lessons to strengthen audit market FRC enforcement patterns and findings inform audit quality risks and common control failures relevant to group audit oversight and audit committee governance.

4412 16 jul frc Sanctions against PricewaterhouseCoopers LLP and Mr John Waters UK audit enforcement case against Big 4 firm; instructive precedent on audit partner accountability and PwC control environment for groups with UK operations.

4366 16 jul frc Sanctions against PricewaterhouseCoopers LLP and Mr John Waters FRC enforcement decision against a Big 4 firm — informs auditor quality standards and reminds audit committees of regulator expectations on audit rigour.

4071 11 jul esma New Q&As available ESMA released guidance clarifying three EU financial regulations covering notifications, scope, custody, and market infrastructure for firms operating EU securities entities.

4016 10 jul the national Vashi jeweller accountant blacklisted over 'fictitious' £157m diamond hoard An accounting scandal involving fake diamonds highlights gaps in audit procedures for verifying high-value assets and assessing financial risks.

3958 10 jul gulf news Confused about UAE corporate tax? FTA answers 15 common business questions FTA clarification of 15 common corporate tax questions. Direct source material for UAE entities filing under the new regime. ▪ read

3662 6 jul the national UAE Central Bank fines foreign bank Dh1.8m for regulatory breach CBUAE enforcement action signals tightened compliance expectations on procedural timelines for foreign bank branches operating in the UAE.

3624 6 jul grant thornton IFRS 16 – Sale and leaseback accounting Big 4 worked guidance on IFRS 16 sale-and-leaseback accounting—a high-frequency issue in corporate structuring and refinancing. ▪ read

3623 6 jul grant thornton IFRS 16 - Sale and leaseback accounting Big 4 technical paper on a common transaction type (sale-leaseback) under a core standard. Useful reference for deal structuring and accounting judgements.

3414 2 jul frc Sanctions against Forvis Mazars LLP and Mr David Allen FRC audit enforcement sanction. Useful precedent on auditor conduct standards and firm liability, though UK-specific.

3389 2 jul esma Moody's Germany fined EUR 2,145,000 for misreporting to ESMA German credit rater Moody's paid €2.1 million after failing to properly report data to EU regulators, highlighting risks in compliance and internal control gaps.

3351 2 jul frc Sanctions against Forvis Mazars LLP and Mr David Allen The FRC sanctioned Forvis Mazars LLP and David Allen; firms should examine the case to identify audit quality risks and prevent similar control failures.

3269 1 jul ias plus IASB Work Plan Update IASB work plan clarifies upcoming standard projects and timeline. Useful for tracking which new standards or amendments are in flight and their expected completion dates.

3252 1 jul ias plus EBA issues opinion on the implementation of IFRS 18 EBA guidance on IFRS 18 implementation for banks; relevant for treasury and consolidation treatment of financial instruments. ▪ read

3169 30 jun grant thornton Insights into IFRS 15 Big 4 deep-dive on a core IFRS 15 technical question; useful reference for revenue recognition judgements.

2834 24 jun the national UAE Central Bank fines foreign bank Dh20m for breaching money laundering rules CBUAE enforcement action signals tightening AML compliance expectations and reporting-officer accountability; patterns of similar penalties inform internal control assessment.

2827 24 jun khaleej times UAE imposes Dh20-million fine on foreign bank for repeated violations UAE regulator enforcement action on a bank operating in the UAE. Provides context on compliance expectations and breach patterns relevant to internal audit and controls.

2696 23 jun frc Sanctions against King & King and Mr Milankumar Patel FRC enforcement action against audit firm and partner; precedent on audit quality standards and auditor accountability.

1989 12 jun the national UAE corporate tax: How one company's bonus could set a precedent Emirates bonus announcement may informally shape FTA interpretation of reasonable employee compensation deductibility. Worth monitoring for transfer pricing and tax-planning implications in your jurisdiction.

1891 11 jun frc Investigations into the conduct of individual accountants, auditors and firms in relation to Market Financial Solutions and connected companies FRC investigation into auditor and accountant conduct signals potential breach of professional standards; comparable cases inform judgement on similar risk areas.

1811 10 jun frc Investigation regarding the conduct of a Member in relation to P&O Ferries Division Holdings Limited FRC enforcement action against an audit firm member over P&O Ferries audit conduct; informs judgement on auditor independence and engagement quality expectations.

1725 9 jun frc Investigation regarding an audit of WH Smith plc by PricewaterhouseCoopers LLP FRC audit investigation signals potential audit quality or judgement issues; informs assessment of similar high-profile client audits and auditor governance.

1170 1 jun ias plus IASB finalises amendments to the fair value option for investments in associates and joint ventures IASB clarifies fair value option rules for associates/JVs under IAS 28, directly affecting IFRS 18 transition calculations for equity-accounted investments. ▪ read

1059 29 may grant thornton Presentation and disclosure of share-based payment transactions Big 4 guidance on IFRS 2 presentation and disclosure — relevant if your group has material share-based compensation plans.

0955 28 may frc Sanctions against BDO LLP and Geraint Jones UK regulator sanctions against major audit firm and partner; relevant precedent for audit quality expectations and enforcement risk assessment.