Financial Crime World

Dominica’s Banking Sector Emphasizes Customer Due Diligence

In a move to maintain its reputation as a reliable offshore banking hub, the government of Dominica has reiterated its commitment to customer due diligence in the banking sector. The Financial Services Unit (FSU), the regulatory authority for non-bank financial institutions and money laundering supervision in Dominica, has outlined stringent requirements for obtaining an offshore bank license.

According to industry insiders, the FSU’s strict confidentiality laws have made Dominica a popular destination for international clients seeking to open bank accounts. To ensure that only reputable individuals and entities operate in the sector, the government requires applicants to undergo exhaustive due diligence procedures.

Requirements for Obtaining an Offshore Bank License

Applicants must provide a range of documentation, including:

  • Proof of identity
  • Business references
  • Information on the source of funds

The FSU conducts enhanced due diligence on all applicants, and information is submitted for assessment. The requirements for obtaining an offshore bank license in Dominica include:

  • Disclosure forms
  • Consent forms
  • Compliance with relevant legislation

Due Diligence Process

Industry experts note that the due diligence process is mandatory and must be conducted at the expense of the interested party. A strict and exhaustive report is submitted directly to the FSU for assessment, which assesses the applicant’s reputation and criminal record.

Getting in Touch

The Dominica Consulate Athens Greece has been established as a point of contact for those seeking more information on obtaining an offshore bank license in the country. You can reach them at:

By emphasizing customer due diligence, Dominica’s banking sector continues to maintain its reputation as a reliable offshore banking hub. If you’re interested in opening a bank account or obtaining an offshore bank license in Dominica, be sure to contact the Dominica Consulate Athens Greece for more information.