The New York State Department of Financial Services (NYDFS) and the Bank of Israel have signed a memorandum of understanding (MoU) for exchange of information and assistance on supervisory matters.

Additionally, the two parties have agreed to cooperate and share information on money laundering or terrorism financing.

NYDFS financial services superintendent Maria Vullo said: “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.

“Sustained success in global banking depends on international collaboration and effective supervision to safeguard our financial markets.  DFS fully supports our colleagues in Israel and this agreement further highlights the imperative value of cooperation on an international scale.”

Bank of Israel supervisor of banks Hedva Ber said: “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.  I am pleased to have the opportunity to share our experience and learn from the rich experience of our colleagues abroad.”

Israel’s apex bank has inked similar agreements with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation in the US, and the Reserve Bank of India.

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The Department of Financial Services (DFS) monitors and regulates the activities of 84 overseas branches, 10 foreign agencies, and 27 representative offices.