Users can cancel digital bank products: since when and planned sanctions

As of August 15, users of the Dominican financial system may request the cancellation of banking products through digital channels, as established by the new SB circular: CSB-REG-202500014 issued by the Superintendency of Banks (SB).

The regulations require the financial intermediation entities (EIF) to enable at least the same channels used for the hiring of products, guaranteeing an agile, safe and unblocking process. This includes accounts, credit cards, loans and other financial services hired remotely.

“If a product is born digital, it must also be able to cancel digitally,” said Superintendent Alejandro Fernández W., highlighting the approach to the measure towards the modernization and protection of the financial user.

MAIN PROVISIONS OF THE CIRCULAR

Cancellation requests must be processed within a maximum period of seven business days.
Entities must issue physical or digital records that certify the reception and progress of the application.
The Generation of new positions From the moment the application is received.
Users must be informed about pending balances, amounts in transit or active claims.
In passive products, the Values withdrawal on the channel that the user chooses.

Penalties for breach

Financial institutions have three months calendar To implement these measures. Failure will be sanctioned according to the Monetary and Financial Law no. 183-02 and the SANCTIONS REGULATION approved by the Monetary Board.

Among the serious infractions that could be sanctioned are:

Perform prohibited operations or outside the corporate purpose of the entity.

Capture resources unauthorized.

Execute fraudulent acts or use third parties to avoid legal norms.

Failure to comply with the accounting regulation that prevents knowing the real financial situation.

Put the deposits at risk through inappropriate efforts.