Bank Al-Maghrib (BAM) and the Dubai Financial Services Authority (DFSA) have signed a memorandum of understanding to collaborate in the licensing and supervision of banks based in Morocco and Dubai.
The agreement was initialed Wednesday, March 13 in Rabat by the director general of the DFSA, Bryan Stirewalt, and Abdellatif Jouhari, governor of Bank Al Maghrib
The deal will boost investor confidence and promote bilateral financial services, a BAM statement said. In this respect, the two institutions will share all the information concerning approval requests made by banks based in both jurisdictions. Sharing also concerns information on the financial soundness of banking institutions as well as points raised in reports and during supervisory visits.
The two authorities will also cooperate closely to identify any alleged activity of financial crime in banks of mutual interest, including unauthorized banking, money laundering and any violation of financial market laws.
“The new memorandum of understanding signed with the DFSA will help enact the necessary regulatory controls to combat financial crime and facilitate healthy and orderly cross-border banking transactions,” said Abdellatif Jouhari, Governor of Bank Al Maghrib.
Representatives of the two authorities should hold ad-hoc meetings to address supervisory issues concerning cross-border institutions located in both jurisdictions.
