RegTech and compliance management
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Attitude of the country towards RegTech-services
Participants of financial markets are in constant innovation regarding their regulation process and tools. Despite almost all laws of the financial and banking sector being between 15 and 20 years old, regulators and participants of the financial markets try to implement technological tools in their regulation duties. However, since laws are so old, they do not contemplate much regarding RegTech.
Obligations and requirements to provide RegTech-services
Not regulated at the date of this survey.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
In the Dominican Republic, usually regulators do not regulate the tools used by the participants to regulatory compliance. However, sometimes regulators provide some technical tools to facilitate supervision and regulatory compliance.
Market size for RegTech-services and biggest companies in this business area
In proportion to other sectors, the market for RegTech-services is significant. However, usually Dominican regulated entities prefer to hire an in-house legal team, which usually receives support from external services.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area