The Dubai Financial Services Authority has signed a Memorandum of Understanding with Morocco’s Bank Al Maghrib to co-operate in the authorisation and supervision of banks operating in the Dubai International Financial Centre and the Kingdom of Morocco.

Bryan Stirewalt, the chief executive of the DFSA, and Abdellatif Jouhari, the governor of Bank Al Maghrib, signed the MoU in Rabat.

Stirewalt said: “The MoU between the DFSA and Bank Al Maghrib will drive greater transparency in relation to the functioning and operations of banks of mutual interest. 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.”

The MoU also provides for co-ordination and co-operation in relation to applications to establish a branch in either jurisdiction. Additionally, information relating to the financial soundness of the financial or credit institutions, as well as concerns arising from supervisory visits and reports, will be duly shared with the other party.

Representatives of the two authorities will convene ad-hoc meetings to resolve any supervisory concerns relating to a cross-border establishment in either jurisdiction.

The two authorities will also co-operate closely to identify any suspected criminal activities in banks of mutual interest.

This is the sixth MoU signed by the DFSA with a central bank in the region. Last year it signed MoUs with the Central Bank of Bahrain and the Central Bank of Oman to co-operate in the supervision and authorisation of firms operating in both jurisdictions. This builds upon a MoU signed with the Central Bank of the UAE in 2009, Banque Du Liban in 2013 and the Central Bank of Jordan in 2007.