Bank Negara and DFSA had on Nov 28 inked an MoU on supervisory cooperation and coordination where both authorities will share information, facilitate consolidated and cross-border on-site supervision.
They will also work closely together on the issuance of licences and combating money laundering and terrorism financing, Bank Negara said in a statement on Wednesday.
“These specific areas of cooperation are timely as regional and international trade and investment linkages continue to expand with increasing cross-border banking and insurance/takaful/reinsurance activities in both countries,” Bank Negara said.
The MoU also provides a strong foundation for both authorities to further develop effective supervisory systems.
These systems, Bank Negara said, would be in line with the principles set out in the Basel Core Principles for Effective Banking Supervision, International Association of Insurance Supervision for Insurance Core Principles and the Financial Action Task Force Recommendations on Anti-Money Laundering.