Multiple banks have assumed the social commitment to join efforts in the fight against money laundering

Multiple banks have made a social commitment to join efforts in the fight against money laundering.

Santo Domingo – The Association of Multiple Banks of the Dominican Republic (ABA) reaffirmed the commitment of the banking entities to join efforts in the fight against money laundering, playing an important role in the support and compliance of a legal framework that prevents and punishes this type of crime.

In this sense, the ABA clarified that thanks to this and apart from the fact that their main function is financial intermediation, at present, multiple banks carry out hard work to contribute to the processes of due diligence, risk management, transaction monitoring, remission of reports and others, with the aim of joining the fight against money laundering.

“Financial intermediation entities have assumed the social commitment to focus all their efforts on the fight against money laundering and will always be in the best disposition to contribute with the competent authorities to prevent this crime from affecting our society,” said the ABA.

Proof of this, it added, are the recent agreements signed with the National Drug Control Directorate (DNCD), the Financial Analysis Unit (UAF), the Association of Certified Anti-Money Laundering Specialists (ACAMS) and other related entities.

Likewise, approaches with the Attorney General’s Office of the Republic and with obligated subjects within the framework of the money laundering prevention law, in order to support them, through training, in the effective fulfillment of their responsibilities assigned in this regulatory framework.

It informed that, through its Money Laundering Prevention Committee, it is working hard together with other sectors of the country and competent authorities, in the process of updating the National Risk Evaluation, in order for the Dominican Republic to comply with the most updated standards and regulations within the framework of the next evaluation of the Financial Action Task Force of Latin America (GAFILAT).

Bank investment in anti-money laundering measures

In order to comply with the provisions of Law 155-17, the banking sector has made multiple investments in human capital, technological structures and training, with the aim of fulfilling its role as an obligated subject, said the Banking Association.

In this regard, it reiterated that at the end of 2020, multiple banks invested RD$938,457,245 in compliance with the Money Laundering Prevention Program, which represents a growth of 11% with respect to 2019, when the amount invested in similar line amounted to RD$848,604,858 million.

In addition to this, as part of the efforts and responsibility to counteract this crime in the country, the ABA has trained some seven hundred and forty-three (743) professionals who provide services in different sectors of the economy, through the anti-money laundering certifications given in the country by the Florida Bankers Association (FIBA) and Florida International University (FIU).

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