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].
