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Dominican Republic Tightens Grip on Banking Regulation Compliance

The Commonwealth of Dominica’s Financial Services Unit (FSU) has taken a firm stance on banking regulation compliance, establishing itself as one of the most stringent regulatory authorities in the Caribbean.

Strong Leadership and Commitment to Compliance

At the helm is Director Claudius Lestrade, who welcomed visitors to the FSU with a clear message: “We are committed to maintaining the highest standards of financial services regulation in Dominica.” The FSU is a department of the Ministry of Finance and serves as the sole regulatory authority for a wide range of financial institutions.

Scope of Regulation

The FSU regulates:

• Credit unions
• Insurance companies
• Offshore banks
• Money service businesses
• Development banks
• Buildings and loans societies
• Gaming companies
• Other financial entities

Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regulations

As the Money Laundering Supervisory Authority (MLSA), the FSU is responsible for ensuring that all financial institutions within its jurisdiction comply with AML/CFT regulations.

Key Responsibilities

• Conduct regular inspections and reviews of financial institutions
• Ensure compliance with regulatory requirements and international standards
• Provide a clear and predictable regulatory environment for foreign investors and financial institutions

Benefits for Foreign Investors and Financial Institutions

The FSU provides a robust framework of regulation and oversight, ensuring that businesses can tap into the country’s thriving financial services sector while operating within a compliant environment. By partnering with the FSU, businesses can:

• Ensure compliance with all relevant laws and regulations
• Tap into the country’s growing financial services sector
• Benefit from a clear and predictable regulatory environment