Israeli central bank signs MoU with New York partner to enhance cooperation
The Israeli central bank has signed a memorandum of understanding (MoU) to enhance cooperation with New York State Department of Financial Services (DFS), said a statement issued by the Bank of Israel (BOI) Thursday, Xinhua reports.
The MoU enhances cooperation between the BOI and the DFS, including exchange of information and assistance on supervisory matters, said the statement.
The statement added that the agreement sets out a process for the transfer of information between the supervisory authorities.
The agreement also sets out cooperation and information sharing on suspicions of money laundering or terrorism financing, noted the statement.
"The Israeli economy, including the banking system, is greatly affected by the global economy, and it is very important to maintain international professional dialogue and cooperation," said Hedva Ber, supervisor of banks at the BOI.
"We derive great benefit from our close working relationships with major supervisory authorities around the world, and we view the professional esteem for the Banking Supervision Department in Israel as an important asset," said Ber.
"As one of the most dynamic and interconnected financial capitals of the world, New York serves consumers and regulated entities best when it is working and sharing regulatory knowledge with fellow supervisory authorities," said Maria T. Vullo, financial services superintendent at the DFS.
"Sustained success in global banking depends on international collaboration and effective supervision to safeguard our financial markets," said Vullo.
This MoU comes in addition to previous memoranda between the BOI and supervisory authorities around the world in recent years, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation in the United States, and the Reserve Bank of India, said the statement.