DUBAI, UAE – The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities and Exchange Commission (BSEC) to enable exchange of information between the two authorities.
The MoU was signed by Chief Executive of the DFSA Ian Johnston and Chairman of the BSEC Professor Shibli Rubayat Ul Islam Friday in Dubai.
The agreement provides a framework for facilitating cross-border collaboration between the two bodies on supervision and enforcement actions.
Under the terms of the MoU, the DFSA and BSEC will enable knowledge sharing on best practices in regulatory, supervisory and licensing in the financial markets.
The bodies will also confer closely on money laundering or terrorist financing risks amongst supervised entities and the existing AML/CFT systems and controls within firms.
Johnston said, “The reinforcement of supervision and regulatory cooperation between the DFSA and BSEC will result in greater market accessibility, ease of doing business as well as strengthened investor trust in both jurisdictions.”
Prof Islam said, “We are very excited that after 50 years of independence and friendship BSEC and DFSA are entering into a relationship anchored in cooperation, assistance, and research amongst other factors.”
