NewsWhore
10-23-2006, 06:10 PM
The Monetary Board has just approved a new set of rules governing the remittance industry in the Dominican Republic. Exchange houses and remittance offices will be subject to fines of up to RD$10 million for violating the new rules. These rules will go into effect within 45 days. Commercial banks and savings and loan banks are also included in the package.
The Monetary Board says that the regulations require businesses to contribute 0.5% of their capital towards covering the costs of the Central Bank and the Superintendent of Banking for supervising their operations, and that the dollar will be the default currency with which to state foreign currency. The new code also calls for exchange companies to obtain identification from currency vendors and buyers, the transaction amount, money given and received, and form of payment for each monetary transaction. Finally, businesses will only be allowed to have, for extended periods of time, an amount equivalent to no more than 20% of the liabilities designated in foreign money.
More... (http://www.dr1.com/index.html#3)
The Monetary Board says that the regulations require businesses to contribute 0.5% of their capital towards covering the costs of the Central Bank and the Superintendent of Banking for supervising their operations, and that the dollar will be the default currency with which to state foreign currency. The new code also calls for exchange companies to obtain identification from currency vendors and buyers, the transaction amount, money given and received, and form of payment for each monetary transaction. Finally, businesses will only be allowed to have, for extended periods of time, an amount equivalent to no more than 20% of the liabilities designated in foreign money.
More... (http://www.dr1.com/index.html#3)