Good-to-know info
Common Reporting Standards
As part of our commitment with the regulations set forth by the UAE Central Bank, we're adopting the Common Reporting Standards (CRS) initiated by the Organisation of Economic Cooperation and Development.
FATCA
We understand that staying up-to-date with tax regulations can be confusing, but we're here to help. In this section, we'll provide you with the information you need to know about the Foreign Account Tax Compliance Act (FATCA) and how it may affect you as a RAKBANK customer.
Value Added Tax (VAT)
VAT can be a complex topic, especially for those who are not familiar with it. As a trusted banking partner, RAKBANK is here to help you navigate this new tax and ensure that you are equipped with the right information.
Whistleblower Policy
We take any potential fraudulent activity seriously. We value our employees, partners and customers, and believe that we can only maintain the trust of our stakeholders by operating with the highest levels of integrity. That's why we have implemented a Whistleblower Policy, which allows you to report any suspicious activity anonymously and without fear of retaliation.
LIBOR Transition
The transition from existing Interbank Offered Rates (IBORs) to Alternative Reference Rates (ARRs) is a major change that will impact a wide range of financial products. To strengthen market integrity and consumer protection, a number of alternative benchmark rates have been developed to replace LIBOR and other reference rates that are being discontinued. RAKBANK is closely following the direction of global regulators, industry working groups and trade associations to facilitate a smooth transition.
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