The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding (MoU) with the New York State Banking Department for co-operation and exchange of information.
The department is the primary regulator for state-licensed and state-chartered financial entities, including domestic banks, foreign agencies, branches and representative offices, savings institutions and trust companies, credit unions and other financial institutions operating in New York.
It also regulates mortgage bankers and brokers, cheque cashers, money transmitters and licensed lenders, among others.
Total assets of the institutions regulated are nearly $2.4 trillion (Dh8.8trn). A branch of one of these banks is authorised to carry out financial services in and from the Dubai International Financial Centre and is supervised by the DFSA.
The MoU was signed by Paul Koster, Chief Executive, DFSA, and Richard Neiman, New York State's Superintendent of Banks, at the Department's headquarters in New York.
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