According to a memorandum of understanding specifying the mechanisms for exchanging information and its confidentiality
The two central banks of the UAE and Egypt strengthen joint banking supervision
Khaled Muhammad Salem Balama Al Tamimi: “The memorandum enhances our compliance with international best practices in the supervision of cross-border banking operations.”
The Central Bank of the Emirates signed a memorandum of understanding with the Central Bank of Egypt, with the aim of strengthening joint banking supervision between them.
The memorandum of understanding defines mechanisms for exchanging information, to facilitate the performance of their supervisory tasks, and their role in ensuring financial stability.
Under the memorandum of understanding, the two parties will define mechanisms for cooperation, exchange of information in the field of licensing, ownership structure of licensed financial institutions, licensing of acquisitions, inspection of licensed financial institutions, in addition to the necessary approvals for licensing applications, and inform each other of any significant changes in the regulatory requirements of the judicial authorities in The two states.
On the other hand, the two sides agreed to cooperate in carrying out their tasks to counter money laundering and combat the financing of terrorism by the licensed financial institutions under their supervision.
The memorandum of understanding also stipulated the confidentiality of requests and information exchanged between the two parties.
The Governor of the Central Bank of the Emirates, Khaled Mohamed Salem Balama Al-Tamimi, said that signing the memorandum of understanding with the Central Bank of Egypt will enhance our compliance with international best practices in supervising banking operations that are carried out across borders.
He added that this memorandum comes at the right time, given the strong relations between our financial systems and the economies of the two countries.
For his part, the Governor of the Central Bank of Egypt, Tarek Amer, said that Egypt is keen to strengthen the bonds of partnership with the Arab brothers, which will reflect on the interests of its peoples, and achieve the goals of joint economic development.
He explained that the memorandum signed with the UAE Central Bank would achieve the desired cooperation between the two central banks and strengthen the strong relationship between the two countries.
Agreement to cooperate in the fight against money laundering.
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