Labuan Financial Services Authority signs MoU with Bermuda

The Labuan Financial Services Authority (Labuan FSA) has inked a memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA) to pave the way for greater regulatory, enforcement and supervisory cooperation between the two regulators.

In a statement, Labuan FSA said the MOU was signed virtually by its director-general Nik Mohamed Din Nik Musa and BMA chief executive officer Craig Swan recently.

“Taking cognisant of the growing globalisation of insurance markets and digital asset business, the two authorities are committed to strengthening cooperation and exchange of information in the insurance and digital asset business areas,” it said.

The MOU covers the exchange, handling, protection and return of information in possession, as well as the provision of investigative assistance to enable both authorities to execute their respective mandates and functions effectively.

Mr Nik Mohamed Din said that the collaborative arrangement would be an important initiative to achieve greater cooperation and synergy between the two authorities.