It has recently been a politically important subject due to the approval of the Law 155-17 on Prevention of Money Laundering and Terrorism Financing.
There are no specific provisions regulating the offering of these services via Fin Tech.
Although there are no specific regulation for these services pursuant to Law 126-02 on E Commerce, Electronic Documents and Digital Signature., electronic trade of goods and services in general is valid in the Dominican Republic, subject to any special regulation that may be established for a specific sector.
From that point of view Brokerage firms which are authorized to offer asset and portfolio management services may perform said services through electronic means, although only one local firm uses an internet platform for such ends.
Pursuant to the Law 249-17 on Securities Market and its Regulation, firms wishing to provide these services shall organize themselves as sociedades anónimas (corporations) under Dominican law and be registered before the Superintendence of Securities (SIV by its acronym in Spanish). The minimum social capital required for its incorporation shall be of DOP 50,000,000.00 (approx. USD 1,012,145.75), and an additional 20% legal reserve must be maintained. There is no specific fee for the license.
As for the rest of the services described, there is no specific regulation nor is a license required. However, due diligence and know your client obligations established in the Law 155-17 on Prevention of Money Laundering and Terrorism Financing do apply.
Dominican authorities do not keep track of or publish such information.
Over the last ten years know your client and due diligence obligations have increased significantly in the Dominican Republic and grown more sophisticated.
Firms looking to establish themselves must be aware that they are likely to be required to establish a department destined to fulfill these and other regulatory obligations.
José Cruz Campillo
Santo Domingo, Dominican Republic