Bank Negara, Dubai FSA sign MoU to promote financial stability
KUALA LUMPUR: Bank Negara Malaysia and Dubai Financial Services Authority (Dubai FSA) inked an understanding on cooperation for effective supervision of banking and insurance/takaful/reinsurance institutions operating in both countries.
The memorandum of understanding signifies continuous efforts to promote financial stability in both jurisdictions and provides a strong foundation for further development of effective supervisory systems in accordance with the principles set out in the Basel Core Principles for Effective Banking Supervision, International Association of Insurance Supervision for Insurance Core Principles and the Financial Action Task Force Recommendations on Anti-Money Laundering. According to a statement by Bank Negara, the cooperation outlines coordination between the authorities in the areas of exchange of information, facilitation of consolidated and crossborder on-site supervision, issuance of licences and combating money laundering and terrorism financing.
These specific areas of cooperation are timely as regional and international trade and investment linkages continue to expand with increasing crossborder banking and insurance/takaful/reinsurance activities in both countries.
Cooperation outlines coordination in the areas of exchange of information, facilitation of consolidated and cross-border onsite supervision, issuance of licences and combating money laundering and terrorism financing. BANK NEGARA MALAYSIA