There are no social or political reservations. The climate is indifferent.
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.
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.
José Cruz Campillo
Santo Domingo, Dominican Republic