Financial Crime World

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DOMINICAN REPUBLIC FALLS SHORT ON BANKING REGULATIONS COMPLIANCE, MUTUAL EVALUATION SUGGESTS

The Financial Action Task Force (FATF) has published its latest mutual evaluation report on the Dominican Republic’s banking regulations compliance, with a rating of “partially compliant”.

Strengthening Areas

While the country scored well in some areas, such as national cooperation and coordination, confiscation and provisional measures, and powers of supervisors, it fell short in others:

  • Assessing risk and applying a risk-based approach: Partially Compliant (PC)
  • Customer due diligence: Largely Compliant (LC)
  • Reporting of suspicious transactions: Compliant (C)
  • Regulation and supervision of financial institutions, DNFBPs, and cash couriers: Partially Compliant (PC)

Concerns

The report highlights concerns over the country’s regulation and supervision of financial institutions, DNFBPs, and cash couriers, as well as its international cooperation on matters such as mutual legal assistance and extradition.

Progress

Despite areas that require improvement, the Dominican Republic has made significant progress in implementing FATF recommendations. The country’s efforts to strengthen its anti-money laundering and combating terrorist financing regime have been commended by the international community.

Full Report

The full report provides a comprehensive assessment of the Dominican Republic’s banking regulations compliance and serves as a roadmap for future improvements. It highlights 40 key areas of compliance, with ratings ranging from “compliant” (C) to “partially compliant” (PC) to “non-compliant” (NC).

Here are some key scores:

  • R.1 - Assessing risk & applying risk-based approach: PC
  • R.2 - National cooperation and coordination: C
  • … (full list of scores)

By implementing the recommendations outlined in the report, the Dominican Republic can further improve its banking regulations compliance and strengthen its fight against money laundering and terrorist financing.