Banking regulator seeks to impose fines to prevent money laundering

- Friday, February 4, 2011

Banking regulator seeks to impose fines to prevent money laundering

The head of the Dominican Republic's banking regulator Superbanco is seeking to impose fines on financial institutions that break the money laundering sections of the country's banking law, a press release from Superbanco reads.

Haivanjoe NG Cortiñas said that without penalties or fines, supervision is ineffective, and considering that preventing money laundering is a topic of high interest for the Dominican financial system, the regulator is currently in talks with financial institutions under its supervision to safeguard the system's stability.

The head of Superbanco said his office is working with officials to modify a regulation that will define more clearly the role of authorities in cases of suspicious of money laundering, as well as set clearer rules for the time allotted to report suspicious financial operations.

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Currently in the Dominican Republic, financial institutions have to report all operations worth US$10,000 or more to Superbanco. Last year, more than 1mn such operations were registered by the regulator, NG Cortiñas said.