Dubai, UAE: The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with Brunei Darussalam Central Bank to boost information exchange and cooperation between the two authorities.
The MoU was signed by representatives from the DFSA and Brunei Darussalam Central Bank on 4 April 2023.
The agreement sets a framework to foster the safe and sound functioning of Financial Institutions and cross-border establishments in their respective jurisdictions. The MoU will also facilitate the licensing of cross-border establishments and aid the exchange of information relating to combatting financial crimes such as money laundering, terrorism financing, proliferation financing or targeted financial sanctions.
Ian Johnston, Chief Executive of the DFSA, said: “This strategic partnership with the Brunei Darussalam Central Bank provides a strong foundation to strengthen the bilateral cooperation between our two countries. We are confident that the partnership will foster a business-friendly environment and drive cooperation in financial supervision, further advancing the development of our respective economies.”
Rokiah Badar, Managing Director of Brunei Darussalam Central Bank said: “This MOU establishes the beginning of our formal relationship with the Dubai Financial Services Authority. I trust that this partnership will further solidify our cooperation in financial supervision across both jurisdictions.”
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For further information please contact:
Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae
About The Dubai Financial Services Authority (DFSA
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.
Ian Johnston was appointed Chief Executive of the DFSA in September 2022. He previously served as the DFSA’s Chief Executive from 2012-2018. A lawyer by background, Ian had several senior executive roles in the private sector, including as CEO of one of Australia’s major trustee companies. The second half of his career being in regulation, Ian was an Executive Director at the Australian Securities and Investments Commission; Special Advisor at the Hong Kong Securities and Futures Commission; and since 2019, consulting to and advising a number of financial regulators in Europe, Asia and the Middle East.
