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Compliance Officer Responsibilities in Dominican Republic: Understanding AML/CTF Regulations

The government of the Dominican Republic has implemented measures to prevent and combat money laundering and terrorism financing through its Committee against Money Laundering and Terrorism Financing. The committee is responsible for ensuring the efficient operation of the system, consisting of various governmental agencies deemed competent authorities.

Competent Authorities

These authorities include:

  • Public Ministry
  • Financial Analysis Unit (UAF)
  • National Directorate for Drug Control
  • Monetary Board
  • General Directorate of Internal Taxes
  • General Directorate of Customs
  • Directorate of Casinos and Gaming
  • Cooperative Development and Credit Institute
  • Several superintendents
  • Any authority with regulatory or supervisory powers

Role of the Financial Analysis Unit (UAF)

The UAF plays a crucial role in analyzing, identifying, and submitting financial analysis reports to the Public Ministry regarding possible infractions of money laundering and terrorism financing.

Compliance Requirements

To comply with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) regulations, financial and non-financial regulated entities must develop or review their compliance programs. These programs should include:

  • Evaluation of money laundering and terrorist financing risks
  • Capability to manage and mitigate risk
  • Client due diligence or enhanced due diligence
  • Continued monitoring
  • Maintenance of transaction registries
  • Designation of a compliance officer with determined functions and responsibilities
  • Report unusual transactions to the Financial Analysis Unit

Responsibilities of Compliance Officers

Compliance officers play a vital role in ensuring that regulated entities comply with AML/CTF regulations. They serve as liaisons between the obligated subject and the UAF, report suspicious activities, and ensure that their institution’s policies and procedures are robust enough to detect and prevent money laundering and terrorist financing.

Reporting Suspicious Operations

In addition to developing a compliance program, regulated entities must also report Suspicious Operations to the UAF within five business days after the transaction occurred or was attempted. The UAF has published a guide to Obliged Subjects, which provides guidance on categorizing operations that require closer examination and reporting suspicious activities.

Understanding Regulatory Sector Guidelines

Each Regulatory Sector establishes assumptions indicative of characteristics of transactions or operations that can be considered suspicious. By understanding these guidelines, compliance officers can ensure that their institutions are in compliance with AML/CTF regulations in the Dominican Republic.