Bloomberg/Bryn Colton

Shari'ah / Regulation

DFSA signs MoU with Morocco’s Bank Al Maghrib

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The partnership provides for cooperation in relation to applications to establish a branch in either jurisdiction.

Thursday 14, March 2019 BY KUDAKWASHE MUZORIWA

The Dubai Financial Services Authority (DFSA) has signed an MoU with Morocco’s Bank Al Maghrib to cooperate in the authorisation and supervision of banks operating in the Dubai International Financial Centre (DIFC) and the Kingdom of Morocco.

The two authorities will also cooperate closely to identify any suspected financial crime activities in banks of mutual interest, including unauthorised banking services, money laundering and any violation of financial market laws.

Bryan Stirewalt, the Chief Executive of the DFSA, said,The MoU between the DFSA and Bank Al Maghrib will drive greater transparency in relation to the functioning and operations of banks of mutual interest.”

Additionally, the duo agrees to that any imminent crisis issues involving the financial or credit companies will also be duly notified.

The two regulators are also members of the global standard setter, the Islamic Financial Services Board (IFSB).

“The new MoU signed with the DFSA will help adopt the regulatory controls which are necessary to curb financial crimes and to facilitate sound and orderly cross-border banking transactions,” added Abdellatif Jouhari, the Governor of Bank Al Maghrib.

TAGS : DFSA, DIFC, Bank Al Maghrib, money laundering

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