What are the requirements to establish a banking institution in the Dominican Republic?
Financial institutions are under the supervision of the Superintendence of Banks and are subject to the regulatory powers of the Monetary Board of the Central Bank. The requirements to establish a financial institution in the Dominican Republic are set forth in Law 708 of 1965 for commercial banks, in Law 292 of 1966 for development banks, in Law 171 of 1971 for mortgage banks, in Law 5897 of 1962 for savings and loans associations and in the relevant resolutions of the Monetary Board for multibanks.
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