UAE, Egypt CBs enhance cooperation – GulfToday

UAE, Egypt CBs enhance cooperation – GulfToday

UAE, Egypt CBs enhance cooperation

4 hours ago

The Central Bank of the UAE signed an MoU with the Central Bank of Egypt to strengthen supervisory cooperation.

The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding (MoU) with the Central Bank of Egypt (CBE) to strengthen supervisory cooperation. The MoU outlines the mechanisms of information exchange to facilitate the performance of their supervisory and financial stability mandates.

The MoU establishes the cooperation mechanisms on licencing, the ownership structure of Licenced Financial Institutions (LFIs), authorisation of acquisitions, examinations of LFIs, information exchange and the necessary approvals for licencing requests.

Central banks will inform each other of any significant changes in the regulatory requirements of their jurisdictions.

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. The MoU also stipulates the confidentiality of requests and information exchanged between both parties.

Commenting on the signing, Khaled Mohamed Balama, Governor of the CBUAE, said, "The signing of the MoU with the Central Bank of Egypt will allow us to comply with best international practices in supervising cross-border banking operations. This agreement comes in the right time, given the deepening ties between