Canada    FinTech Guide    Chapter 11    Dominican Republic

11. Identification
Dominican Republic  Dominican Republic

There are no social or political reservations. The climate is indifferent.

Legal Affairs

To provide identification services, in accordance to Law 172-13 which regulates the comprehensive protection of personal data set up in archives, public records, data banks or other technical means of data processing for reporting, whether public or private, a license must be requested through the Superintendence of Banks and approved by the Monetary Board. After approval, the entity will be supervised by the Superintendence of Banks and must follow all regulations set forth by the Superintendence of Banks and the Monetary Board.

Economic Conditions

There are two identification services entities in the market since the mid-1990’s, , these services are used by all Financial Intermediation Entities and by other private entities in order to obtain general information about their clients.


Because of the relatively small size of the Dominican financial market, it would be hard for incoming firms to launch a new identification services platform successfully.

Contributing Authors

Jiménez Cruz Peña

José Cruz Campillo
Santo Domingo, Dominican Republic

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018