In compliance with Law 155-17 Against Money Laundering and Financing of Terrorism, on July 30, 2021, the National Committee Against Money Laundering and Financing of Terrorism (CONCLAFIT) has issued Resolution No. 01-2021-CONCLAFIT, whereby the administrative fines contemplated in Articles 74, 75 and 78 of Law 155-17 are updated.
Thus, the administrative fines for financial and non-financial regulated entities that fail to comply with their ML/FT prevention obligations are set at the following amounts:
Article 74. - Administrative sanctions for regulated entities in the financial sector
| Previous Administrative Fines under Law No. 155-17 | Amounts of administrative fines updated |
|---|---|
| a). For infractions Very Serious: Fine of RD$5,000,001.00 to RD$10,000,000.00 | a). For infractions Very Serious: Fine from RD$5,277,501.06 to RD$10,555,000.00 |
| b). For infractions Graves: Fine of RD$2,500,001.00 to RD$5,000,000.00 | b). For infractions Graves: Fine from RD$2,638,751.06 to RD$5,277,500.00 |
| c). For infractions Slight: Fine of RD$1,000,000.00 to RD$2,500,000.00 | c). For infractions Slight: Fine from RD$1,055,500.00 to RD$2,638,750.00 |
Article 75. - Administrative sanctions for regulated entities of the non-financial sector
| Previous Administrative Fines under Law No. 155-17 | Amounts of administrative fines updated |
|---|---|
| a). For infractions Very Serious: Fine from RD$2,000,001.00 to RD$4,000,000.00 | a). For infractions Very Serious: Fine from RD$2,111,001.06 to RD$4,222,000.00 |
| b). For infractions Graves: Fine of RD$1,000,001.00 to RD$2,000,000.00 | b). For infractions Graves: Fine from RD$1,055,501.06 to RD$2,111,000.00 |
| c). For infractions Slight: Fine of RD$300,000.00 to RD$1,000,000.00 | c). For infractions Slight: Fine from RD$316,650.00 to RD$1,055,500.00 |
Article 78. - Sanctions for administrative liability to Managers: Without prejudice to the sanctions imposed on the Regulated Entity, one or more of the following sanctions shall be imposed on those who, exercising an administrative or managerial position, are responsible for the Very Serious administrative infraction:
| Previous Administrative Fines under Law No. 155-17 | Amounts of administrative fines updated |
|---|---|
| For infractions Very Serious: Fine to each of them in the amount of RD$500,000.00 to RD$3,000,000.00 | For infractions Very Serious: Fine to each of them in the amount of RD$523,750.00 to RD$3,166,500.00 |
The referred amounts may vary over time, by virtue of the update to be made periodically by CONCLAFIT, in accordance with the provisions of Law No. 155-17.
