2021News

Financial products seal guarantees those authorized to offer services

Check for the new Superintendency of Banks (SB) seal before purchasing financial services in the Dominican Republic. Here people have suffered from theft and fraud by using services of unauthorized entities.

Financial intermediation entities and foreign exchange intermediaries are required to have the seal. The intention is to provide greater protection and safeguard to users of financial products in the Dominican Republic.

“This is a tool that will make it possible to easily identify the entities that have the endorsement and supervision of the SB, to considerably reduce the risks associated with the acquisition of financial products and services without the guarantees of the legal framework of the Dominican Republic,” states the Presidency in making the announcement.

The entities that are registered with the SB must have the physical and digital identification, visible in each service branch, as well as in their digital channels.

The seal has a quick response code or QR and is easy to scan from any cell phone with an internet connection. This functionality directs users to the entities’ registration on the official website of the Superintendency of Banks.

The initiative is designed to make it difficult for any unauthorized economic agent to take advantage of the information gaps.

In its press release on the seal, the SB reminded that the users of the entities registered with the Superintendency of Banks have the protection of the Contingency Fund managed by the Central Bank, which establishes a coverage of up to RD$1,835,000, in case their entity goes through situations that compromise its solvency, as established by the Monetary and Financial Law 183-02.

Read more in Spanish:
Superintendency of Banks

Presidency

23 September 2021