Financial Crime World

Cracking Down on Financial Crime: A Look into the Dominican Republic’s Anti-Money Laundering Measures

The Dominican Republic, famous for its beautiful beaches and rich culture, has been taking substantial steps to combat financial crime. In response to international pressure to strengthen anti-money laundering (AML) and counter-terrorist financing (CTF) regulations, the Caribbean nation has been making significant strides. In this article, we explore the new measures aimed at helping non-financial businesses meet their AML obligations.

Public Demand for Change: Marcha Verde Protests

Last summer, Santo Domingo witnessed massive protests as thousands dressed in green for the Marcha Verde demonstrations. This public display of concern over corruption and financial crime served as a wake-up call for the government to take action [^1^].

Stricter Regulations for Non-Financial Businesses

Under the new rules, non-financial businesses such as real estate firms, casinos, and law practices are subject to strict AML and CTF regulations. These new obligations necessitate more robust due diligence procedures, including customer identification and transaction monitoring [^1^]. Although the regulations may seem daunting, businesses do not have to face these challenges alone.

Support from Compliance Experts

Organizations like Accuity, a leading financial crime compliance company, are providing businesses with the necessary resources and support [^1^], enabling them to navigate the complex world of compliance more effectively.

Services offered by Accuity

  • Confident customer onboarding
  • Risk screening
  • Continuous transaction monitoring

These capabilities help organizations meet their regulatory obligations while enhancing their reputation as trusted and compliant businesses.

International Collaboration

The Dominican government’s commitment to financial crime prevention goes beyond its borders. Collaborations with international organizations and financial watchdogs facilitate the sharing of best practices and increased transparency, creating a more robust and interconnected financial system [^1^].

Protecting the Citizens and Economy

The Dominican Republic’s dedication to financial crime prevention is evident in its recent moves towards stricter AML and CTF regulations. These measures aim to safeguard its citizens and economy, marking the beginning of a significant trend towards a more secure future [^1^].

[^1^]: Source: Article text