ADGM and the Monitoring and Control Centre enter into an MoU to bolster security complianceADGM RA 08/07/2018
The Registration Authority of Abu Dhabi Global Market (ADGM), the leading international financial centre of Abu Dhabi has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Monitoring and Control Centre (MCC). The MoU was signed by Dhaher Bin Dhaher Al Mheiri, CEO of the Registration Authority of ADGM and Saeed Saif Al Neyadi, Director General of MCC. The MoU aims to facilitate the exchange of information and co-operation in relation to matters regarding monitoring & control compliance within ADGM's Free Zone.
The agreement will utilize the criteria and standards of MCC for monitoring and control compliance within the jurisdiction of ADGM. It will enable both parties to collectively organize monitoring and controlling procedures to ensure that public and private establishments within the jurisdiction comply with the standards and criteria set by MCC.
The MoU establishes a strategic platform for the mutual exchange of information in connection with common tasks and duties, compliance reports and confirmation and verification of information in the event of non-compliance.
The memorandum also seeks to strengthen mutual collaboration and assistance through systematic communication on all information related to each parties' obligations, joint awareness campaigns targeted towards both public and private entities within ADGM and mutually agreed initiatives to improve professional and technical skills of both parties' staff.
Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said: "The agreement with MCC provides enhanced co-operation on monitoring and control standards within ADGM’s jurisdiction. The joint collaboration will pool together expertise in the field to meet mutual goals. The resulting increase in safety and security measures will aim to instil greater business and investor confidence in ADGM and Abu Dhabi as a whole."
Saeed Al-Neyadi, Director General of MCC, added: "The agreement between MCC and ADGM achieves real benefits towards a more secure working environment and provides assurance that guidelines are adhered to. It also gives rise to an official platform where both parties can have open dialogue on matters relating to control and monitoring while proactively seeking initiatives for greater collaboration and furthering Abu Dhabi as a world-class business hub."
Compliance measures within ADGM are a fundamental component in safeguarding the integrity and transparency of the international financial centre. The establishment of the MoU will foster an official cooperative relationship to ensure all relevant establishments in ADGM are compliant with MCC's standards and to strengthen ADGM's position as a secure financial environment.
About Abu Dhabi Global Market:
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance. It serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Based in Abu Dhabi, home to one of the world's largest sovereign wealth funds and one of the highest concentrations of high-net-worth-individuals in the world, ADGM's strategy is anchored by Abu Dhabi's key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, it enables registered financial institutions, companies and entities to thrive and operate within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the "Financial Centre of the Year (MENA)" for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
As part of its mandate, ADGM oversees and governs the Al Maryah Island, a designated financial free zone covering 114-hectares of financial and commercial services including residential, retail, leisure, hotel and office developments. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and Linked: ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards