Egypt, UAE Enhance Cooperation On Banking Supervision

SourceAsharq AL-awsat
SectorFinancial Services

A branch of Banque Du Caire is pictured at the Upper Egypt city of Aswan, Egypt February 21, 2020. Picture taken February 21, 2020. REUTERS/Amr Abdallah Dalsh/File Photo

The Central Bank of Egypt (CBE) has signed Thursday a Memorandum of Understanding (MoU) with the Central Bank of the UAE (CBUAE) to strengthen supervisory cooperation.

The MoU outlines the mechanisms of information exchange to facilitate the performance of their supervisory and financial stability mandates.

It also establishes the cooperation mechanisms on licensing, the ownership structure of Licensed Financial Institutions (LFIs), authorization of acquisitions, examinations of LFIs, information exchange and the necessary approvals for licensing requests.

The central banks of both countries will inform each other of any significant changes in the regulatory requirements of their jurisdictions, state news agency WAM reported.

“The banks have also agreed to cooperate in executing their mandates to prevent money laundering and the financing of terrorism by LFIs under their supervision,” it said, adding that MoU also stipulates more...