The Banking Executive Magazine - Issue 150, June 2021

UAE, Egypt Central Banks UAE, Egypt Central Banks ENHANCE COOPERATION ON BANKING SUPERVISION 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 coopera- tion mechanisms on licencing, the ownership structure of Licenced Fi- nancial Institutions (LFIs), authorisa- tion of acquisitions, examinations of LFIs, information exchange and the necessary approvals for licencing re- quests. Central banks will inform each other of any significant changes in the reg- ulatory requirements of their jurisdic- tions. The banks have also agreed to coop- erate in executing their mandates to prevent money laundering and the fi- nancing of terrorism by LFIs under their supervision. The MoU also stip- ulates 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 in- ternational practices in supervising cross-border banking operations. This agreement comes in the right time, given the deepening ties be- tween our financial systems and our economies." In turn, Tarek Amer, Governor of Egypt Central Bank, stated that Egypt is keen to strengthen collaboration with Arab nations, in a manner that reflects on the welfares of its people and achieves the goals of mutual economic development. The memorandum signed with the UAE Central Bank will accomplish the coveted cooperation and strengthen the robust relationship be- tween the two countries, he added. ISSUE 150 JUNE 2021 the BANKING EXECUTIVE 41