TITLE: Dominican Republic Implements Regulations Against Money Laundering, Terrorism Financing and Weapons Proliferation
BODY:
On November 16, 2017, the Dominican Republic published Decree No. 408-17, establishing the implementing regulations for Law No. 155-17 against money laundering, terrorism financing, and proliferation of weapons of mass destruction.
The regulation sets out the framework for applying Law No. 155-17 across Dominican financial and non-financial sectors. It establishes requirements and procedures for entities subject to anti-money laundering and counter-terrorism financing (AML/CTF) obligations, including financial institutions, money service businesses, casinos, and other designated non-financial businesses and professions. The regulation defines key concepts, compliance obligations, reporting requirements, and enforcement mechanisms to combat financial crimes and prevent the misuse of the financial system for illicit purposes.
The regulation remains in effect and applies to all regulated entities operating in the Dominican Republic that fall within the scope of Law No. 155-17. Entities must ensure compliance with the requirements outlined in the decree, including customer due diligence procedures, suspicious activity reporting, record-keeping, and internal control measures. The regulation provides the operational framework through which Dominican authorities enforce anti-money laundering and counter-terrorism financing standards across the jurisdiction.
REFERENCES:
Dominican Republic. Decreto No. 408-17. Reglamento de Aplicación de la Ley No.155-17 contra el Lavado de Activos, el Financiamiento del Terrorismo y la Proliferación de Armas de Destrucción Masiva. November 16, 2017. Available at: [Official Dominican Republic regulatory database]