This comprehensive Guidance Note, issued in December 2022, provides operational instructions for UAE Financial Institutions on complying with the Foreign Account Tax Compliance Act (FATCA), implementing Cabinet Decision No. 63 of 2022 and Federal Decree No. 9 of 2016. It details the UAE FATCA regulatory framework involving the Ministry of Finance (Competent Authority), Regulatory Authorities (CBUAE, SCA, FFZs), and the Federal Tax Authority (FTA). The guidance defines Reporting and Non-Reporting Financial Institutions, NFFEs, and US Reportable Accounts. It establishes mandatory registration with the IRS, specific due diligence procedures for pre-existing and new individual and entity accounts, annual reporting obligations by 30 June via the local portal, and a six-year record-keeping requirement. Furthermore, it outlines compliance monitoring, enforcement powers, and administrative penalties for non-compliance with the UAE-US Model 1B Intergovernmental Agreement.