namedate of birthplace of birthidentification numberaddresstelephone number
namedate of birth
company namedate of incorporation.addressTelephone numbertax identification numberby-lawsmain activityrevenue volumeshareholders and ultimate beneficial owners.
Cédula de Identidad y Electoral or cédula
Law 126-02 on Electronic Commerce, Digital Documents and Signatures, dated September 29, 2002
AML Law in the Dominican Republic (Law No. 72-02 and modifications on Anti-Money Laundering from Illicit Traffic of Drugs and Controlled Substances and other Serious Violations) was enacted on 4 Jun
2002. Subsequently in 2003, the implementation guideline No. 20-03 was issued.
As a result of local AML Law No. 72-02, the National Committee Against Money Laundering was created and composed of:
a) Superintendence of Banks (“SIB”);
b) Ministry of Treasury;
c) Attorney General of the Dominican Republic;
d) President of the National Drugs Council; and
e) President of the National Directorate for Drug Control.
This Committee is comprised of a Unit of Financial Analysis (“UAF”) to which the different organizations against money laundering in the Dominican Republic report to. The unit covers the banking sector, other financial services, and non-financial sectors. a) Superintendence of Banks of the Dominican Republic (“SIB”); b) General Directorate of Internal Revenue; c) Superintendence of Securities of the Dominican Republic ; d) Superintendence of Pensions of the Dominican Republic; e) General Directorate of Customs ; f) Specialized Attorney for the Persecution of Administrative Corruption; g) Central Directorate of Criminal Investigations ; h) Anti-money laundering unit of the Attorney General’s office of the Dominican Republic ; and i) Financial Investigation department of the National Directorate for Drug Control.
The Law and the implementation guideline Law have definitions of suspicious or unusual transactions that could be associated to money laundering. However, there are no other practical guidelines.
Yes. The last assessment was in 2006 and a follow-up report was released in 2015
No, according to the Newsletter No. 03-10 issued by the SIB, the due diligence process should be applied to all customers that carry out significant transactions (refer to the guide “Know your customer
(KYC)” issued by the SIB
a) name and surname;
b) date and place of birth;
c) identification number;
d) marital status;
e) address and telephone number;
f) main activity or occupation; and
g) income (salary and other savings).
a) company name;
b) date of incorporation;
c) address and telephone number;
d) tax identification number;
e) bylaws and other information;
f) main activity;
g) revenue volume; and
h) shareholders and ultimate beneficial owners;
Financial institutions must implement procedures to identify the ultimate beneficial owner of each transaction, review of records of the Company’s institution, obtain personal and bank references on each of
A Corresponding Bank Customer who receives a substantial portion of their income from their businesses activity with high risk clients may present greater risks. A Corresponding Bank Customer who presents greater risks, PEPS and NGOs or foundations should be subject to a higher level of due diligence. See A15 and A14
Financial institutions should apply additional due diligence procedures in the case of PEPs, their relatives and their associates. Financial institutions should: a) verify their reputation with public sources; b) investigate the source of the applicant’s funds before opening an account; c) anticipate the account’s activity; d) execute more continuous monitoring of the trade relationship, for a PEP to be accepted as a client; and e) if a PEP has control or directive functions in a correspondent bank, the entity should have knowledge of that person’s role in said entity. Banks issue a form of politically exposed persons twice per year (PEP01).
According Article 8, section D of the instructive “Know your customer (“KYC”)” issued by the SIB, the due diligence process of a corresponding banking that involves greater risks will include: a) for all control units, verify the source of wealth of the proprietors, including their reputation/credibility in the market, as well as recent changes in ownership; and b) investigate the experience and competency of each member of executive commission, as well as recent changes in the structure of the Directorate.
Article 18 of local regulations for foreign investments and opening of border institutions issued in 2004 by the Monetary Board, prohibits banks from operations with shell banks.
Although this is not explicitly stated in AML Law 72-02, KYC establishes procedures to identify physical or legal persons who receive or transfer funds to clients. In addition, financial institutions have alerts for
Reports are made to the Financial Analysis Unit (UAF).
Yes: a) cash transactions exceeding USD10,000 (IF01 form); b) electronic transfers up to USD1,000 (FD03-B form); c) daily report of remittance (FD03-A form); and d) transport of cash and bearer securities exceeding USD10,000 (FD04 form).
Yes, Article 22 of AML Law 72-02 establishes imprisonment of 2-5 years and a fine of 50-100 minimum wage salaries.
No requirements from a legal or regulatory standpoint exist for the use of automated suspicious transactions.
After a certain time, if there is no a response from UAF regarding the reported transaction, the institution should determine if it is appropriate to proceed or not with the transaction in question
According to Art. 61 and 62 of AML Law 72-02, the competent authority may submit and request assistance from the competent authorities of other States.
There is no legal requirement for a bank’s external auditor or other external organization to report on the bank’s AML systems and controls.
the definition of personal Data Protection does not cover any direct information about KYC. KYC is a guide issued by the Superintendence of Banks
according to the Art. 4 of this law, the protection regime of personal data does not apply to data processing of corporations
sensitive data: personal data revealing political opinions, religious, philosophical or moral beliefs, trade union membership and data concerning health or sex life. This law aims at comprehensive protection of personal data in files, public records, data banks or other technical means of processing of data intended to give information, whether public or private, and to ensure the right to honor and protect individual’s privacy
Additional prohibitions on the transfer of credit reports (for KYC and credit risk analysis purposes) is not considered in AML Law 72-02, however financial entities and other users are available to use credit
legal personfinancial institution
ID card may be obtained at the age of 16, yet the official ID (which will allow the individual to vote) is obtained at 18.
Yes, the regulators promote a proactive approach that is based on risk.
According to the Newsletter No. 014-12 issued by the SIB in Oct 2012, the Framework Supervision of Financial Entities based on risk was finally adopted
Legal entities accepting the identification documentation should be sure that the copies of such documentation correspond to the originals, i.e. either a contractor’s internal verification or external
authentication (notary, apostille) will be needed. Each institution also has its own policies and procedures to verify the documents and its copies.
Law 172-13 of Personal Data Protection regulates the Personal Data Transfer; however according to Art. 89 of this law, in relation to any international agreement to which the Dominican Republic is a signatory (such as information exchange treaty between the Dominican Republic and USA, and the information exchange dispositions included in the treaties to avoid double taxation- currently signed with Canada and Spain- shall be governed by its dispositions.
Article 56, Paragraph b) of the Monetary and Financial Law No. 183-02 establishes the legal obligation of banking secrecy and confidentiality.