The Dubai Financial Services Authority has entered into a Memorandum of Understanding (MoU) with the Anti- Money Laundering Suspicious Cases Unit (AMLSCU) of the Central Bank of the United Arab Emirates (CBUAE), regarding co-operation and exchange of regulatory information.
The MoU was signed by Paul Koster, Chief Executive of the DFSA, and Abdulrahim Mohamed Al Awadi, Assistant Executive Director of the CBUAE and Head of the AMLSCU.
The AMLSCU is a special unit of the CBUAE established for investigating fraud and suspicious transactions in the UAE.
The AMLSCU has access to all relevant authorities in the UAE as well as those abroad, under the aegis of the National Anti- Money Laundering Committee. The CBUAE licenses and regulates all banks operating in the United Arab Emirates.
The DFSA is the regulator of authorised firms, including banks, insurance companies, investment banks, asset managers and fund administrators, providing financial services in the Dubai International Financial Centre (DIFC).
Koster said, “The signing of today’s MoU has formalised arrangements for co-operation and information sharing that already exists between us. It recognises that both regulators place reliance on the quality of regulatory standards administered in the other’s jurisdiction.”
“Continuing close co-operation and future joint initiatives will reinforce our mutual commitment to ensuring financial stability and promote sound economic growth in the region.”
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