For regulated entities, implementing and adopting a compliance programme is an obligation and not an option. Article 34 of Law 155-17 for the prevention of money laundering and terrorist financing establishes this.
Any of the regulated entities found to be in breach of the above would face administrative sanctions ranging from RD$300,000.00 to RD$4,000,000.00, as well as criminal sanctions ranging from 100 to 400 minimum wages and 3 to 10 years imprisonment.
The Directorate General of Internal Taxes, in its capacity as regulator, is in the process of identifying the Regulated Entities, validating whether they have a compliance programme in place and whether they are up to date with the obligations placed upon them.
For more information on the elaboration of a compliance programme or to access the list of obliged parties identified to date, please contact us at [email protected].
