Press Release on the Signing of MoU between Labuan FSA and Bermuda Monetary Authority
Labuan Financial Services Authority and Bermuda Monetary Authority Strengthen Regulatory Co-Operation and Reciprocity
1 September 2023 - The Labuan Financial Services Authority (Labuan FSA) signed a Memorandum of Understanding (MOU) with Bermuda Monetary Authority (BMA) recently to pave the way for greater regulatory, enforcement and supervisory co-operation between the two regulators.

Taking cognizant of the growing globalisation of insurance markets and digital asset business, the two authorities are committed to strengthening co-operation and exchange of information in areas related to business of insurance and digital asset business. The MOU, which covers the exchange, handling, protection and return of information in possession, as well as provision of investigative assistance to enable both Authorities to effectively execute their respective mandates and functions.

The Director General of Labuan FSA, Nik Mohamed Din Nik Musa said, “This collaborative arrangement is an important initiative to achieve greater cooperation and synergy between Labuan FSA and the Bermuda Monetary Authority. I trust that the signing of this MoU between the two parties marks a greater close co-operation and future joint initiatives between the parties will reinforce our mutual commitment to ensure financial stability and promote sound economic growth in both jurisdictions.

The MoU was signed by the Director-General of Labuan FSA, Nik Mohamed Din Nik Musa and the Chief Executive Officer of BMA, Craig Swan.

Labuan Financial Services Authority
1 September 2023


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