Dubai Financial Services Authority (DFSA) has inked a memorandum of understanding (MoU) with the Moroccan central bank, which will enable the pair to collaborate on supervision and authorisation of banks operating in the two jurisdictions.
Under the agreement, the regulators will collaborate over applications to launch a branch in either market.
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The agreement will also support information exchange regarding the financial soundness of a financial provider.
The two parties have to share concerns, if any, and conduct ad-hoc meetings to address the issues flagged.
DFSA CEO Bryan Stirewalt said: “By promoting stable and transparent financial services in our respective jurisdictions, the MoU will contribute to strengthening investor confidence and promoting stronger bilateral financial services.”
At the same time, the regulators will work together to detect fraudulent activities such as money laundering or law breach.
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By GlobalDataBank Al Maghrib governor Abdellatif Jouhari said: “The new MoU signed with the DFSA will help adopt the regulatory controls which are necessary to curb financial crimes and to facilitate sound and orderly cross-border banking transactions.”
The latest MoU follows DFSA’s agreements with Bahrain and Oman central banks on similar grounds.
Earlier, the Dubai watchdog signed similar agreements with the central banks of the UAE, Lebanon, as well as Jordan.
