InstitutionalNewsGeneral Norm No. 03-2022 on external audits on Money Laundering Prevention

February 1, 2022

By Paola Reinoso, Compliance Officer and Heiddy Moronta, Senior Associate.

The Directorate General of Internal Taxes (DGII) has issued General Norm No. 03-2022, which regulates external audits on the Prevention of Money Laundering and Financing of Terrorism and Weapons of Mass Destruction.

Rule 03-2022 establishes the minimum aspects that all obliged entities must take into consideration when carrying out their external audit:

At the time of contracting the external auditor, the following should be verified:

  • The external auditor must be a certified expert in matters related to the prevention of money laundering with a minimum experience of (03) years.
  • The external auditor may not carry out the audit if he/she was involved in drawing up or advising on the prevention programme until two (02) years have elapsed since the end of his/her service contract.

Periodicity of audits for regulated entities

Obliged entities engaged in the following activities described in the table shall be audited with the following periodicity:

Failure to comply with the provisions of Rule 03-22 constitutes a violation of the provisions of Articles 70 (f) and 71 (c) of Law 155-17; consequently, regulated entities may be subject to the sanctions established in Article 75 of the aforementioned Law.

For more information or to obtain a lawyer in Santo Domingo on PLAFT matters, please contact us at +1.809.566.7111 or [email protected].

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