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Dubai’s DFSA signs MoU with Bangladesh Securities and Exchange Commission

The agreement provides a framework for facilitating cross-border collaboration between the two authorities on supervision and enforcement actions

by Zainab Mansoor

October 28, 2022

The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the Bangladesh Securities and Exchange Commission (BSEC).

The agreement will enable exchange of information between the two authorities and provides a framework for facilitating cross-border collaboration on supervision and enforcement actions.

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.

“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,” said Ian Johnston, chief executive of the DFSA.

“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. This collaboration will take the capital markets of both our growing and vibrant countries forward,” added Professor Shibli Rubayat Ul Islam, chairman of the BSEC.

DFSA signed a MoU with the Thai Securities and Exchange Commission (SEC) earlier this month, to promote open dialogue on technology-enabled innovation in financial services.

Read: Dubai’s DFSA partners with Thai Securities and Exchange Commission

In April, DFSA launched its regulatory regime for ‘whistleblowing’, applicable on all DFSA regulated entities operating in or from the Dubai International Financial Centre.

Read: UAE’s DFSA introduces ‘whistleblowing’ regulatory regime

DFSA also inked an MoU with the Central Bank of the Republic of Mauritius this year to cooperate on the performance of their respective regulatory functions.

Read: Dubai Financial Services Authority signs MoU with Central Bank of Mauritius