The Superintendence of Banks (SB) issued Circular SB: No. 011/22, which establishes the guidelines that financial intermediation entities (EIF) must comply with to link new clients through semi-automated or automated mechanisms, that is, without the need for them to visit their offices .
Until now, the possibility of acquiring products remotely only existed for users who already had other products in the issuing entity.
With this provision, the SB opens the doors so that potential clients who meet the established legal requirements can also hire products and financial services through this modality, thus saving time, money and effort.
The digital onboarding represents an innovative commitment, which also encourages financial inclusion, without failing to implement secure mechanisms for the identification, verification and authentication of the potential client, so that security levels equivalent to a face-to-face process are applied.
The supervisory body emphasizes that EIFs must carry out the correct screening of potential customers following the guidelines established in the Due Diligence Instructions, which was recently revised.
Among other changes, this review incorporated the possibility for providers to open accounts remotely.
This step seeks to achieve the institutional strategic objectives of expanding the provision of financial services through the use of new channels and technologies, and supports the 2030 Digital Agenda promoted by the government headed by the president Louis Abinader.
“We are facing an excellent example of how the use of new technologies allows us to advance in the task of encouraging banking and financial inclusion in the Dominican Republic,” said the Superintendent of Banks, Alejandro Fernández W.
In this sense, this initiative joins the basic accountan easily accessible and low-cost instrument aimed at overcoming the barriers faced by people who are excluded from the financial system due to poor credit history, conflicts with the law or because they have never had a bank account.
To date, six entities offer it: Banco de Reservas, Alaver, Promérica, Motor Crédito, Banco Caribe and Banco Unión.