Dominica Banking Compliance Procedures Under Scrutiny
Offshore Bank Licenses: A High-Risk Venture
The Financial Services Unit (FSU) in Dominica has stringent regulations for offshore banking licenses, with a focus on maintaining customer privacy and confidentiality. To acquire an offshore bank license, applicants must undergo a rigorous due diligence process.
Due Diligence Requirements
To apply for an offshore bank license, applicants must provide extensive documentation, including:
- Passport copies
- National ID
- Driving license
- Utility bills
- Professional references from lawyers and accountants
- Bank statements
- Proof of the source and destination of funds for capitalization
- Evidence of high repute and clean criminal records in all countries where applicants reside or have business activities
AML/KYC Regulations
Applicants must demonstrate a commitment to adhering to anti-money laundering (AML) and know-your-customer (KYC) regulations. The FSU assesses the credibility of applicants before issuing offshore bank licenses.
A Successful Licensing Process
Vardikos & Vardikos has extensive experience in facilitating offshore banking license applications. Their expertise includes:
- Assisting with due diligence and compliance procedures
- Drafting business plans and AML/KYC manuals
- Conducting meetings with the FSU until bank licenses are obtained
- Processing swift applications for new licenses
Bank Activation Process: What to Expect
Upon receiving an offshore banking license, applicants must activate their bank operations by:
- Renting office space
- Employing three local staff members (one director, one compliance officer, and one clerk)
- Fitting out the office with equipment
- Purchasing bank software
- Establishing corporate bank accounts and corresponding bank accounts for SWIFT membership eligibility
- Advising the FSU of all steps taken
The process requires careful attention to detail and adherence to regulatory requirements.
Contact Information
Vardikos & Vardikos offers expertise in offshore banking license applications. For more information, please contact us at:
Phone: +30 210 3627888-9 | +30 210 361 1505 | +30 6937 22 88 88 | +30 6934 555 555 Phone (Dominica): +17672853888 | +17672751888 Phone (UAE): +971506689558 Phone (Malta): +35699884534 Phone (Cyprus): +357 99 202422 | +357 22 332040 Emergency and A.O.H.: +306934555555 , +306937228888
Fax: +30 210 361 78 48
Address:
- Dominica Office: 36 Great George Street, Roseau, Commonwealth of Dominica
- Antigua & Barbuda Office: P.O. Box W834, Ocean Heights, Hodges Bay, St. John’s, Antigua WI
- St Lucia: 20, Micoud Street, Castries, P.O. Box 189, Saint Lucia
- Cyprus Office: Flat 2102-4 Arch. Makarios III Av., 1065 Nicosia, Cyprus