The head of the National Drug Control Directorate (DNCD), Rear Admiral Luis Alberto Humeau Hidalgo, warned yesterday that the DNCD and the Superintendent of Banks are investigating all bank deposits above the equivalent of US$10,000 for possible money laundering. All banks operating in the DR must report such deposits to DNCD and the Superintendent of Banks. A similar reporting requirement has long existed in the U.S. and banks here which also operate in the U.S. had to make similar reports to U.S. authorities. The Superintendent of Banks has long had a policy of "know your client," requiring banks to ask questions about the source of large deposits and to report any suspicious transactions. The current policy simply imposes mandatory, uniform minimum reporting requirements.
