New Anti-Money Laundering and Terrorist Financing Act in the DR

With international standards rising, the Dominican Republic (DR) makes an effort to integrate new regulations into their own legal framework.

Beginning June 1, 2017, the Executive Power of the DR promoted the new anti-money laundering (AML) and Terrorist Financing Act (“New Law”) to enable a better and more reliable legal framework.

The objective of the New Law is to regulate money laundering and terrorist financing more efficiently and comply with international standards for better transparency and communication.

In order for the New Law to be most effective, both financial and non-financial regulated institutions will have to assess and improve their compliance programs to ensure the new policies, procedures and controls are properly followed.

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