The Superintendency of Banks of the Dominican Republic issued a circular requiring financial intermediation entities to ensure that users can cancel financial products and services through at least the same channels used to sign up for them, including remote channels for digitally opened products. The measure also caps the cancellation process at seven business days and requires firms to provide physical or digital evidence confirming receipt and progress of the request. From the moment a cancellation request is received, firms must stop generating new charges and inform the customer of any outstanding balances, in-transit amounts, or active complaints. For passive products, firms must facilitate withdrawal of funds through the channel chosen by the user. The requirements are set out in Circular CSB-REG-202500014, and non-compliance may be sanctioned under Law No. 183-02 (Monetary and Financial) and the Monetary Board’s sanctions regulation. Financial entities have three calendar months to implement the measures.
Superintencencia de Bancos de la Republica Dominicana 2025-08-20
Superintendency of Banks of the Dominican Republic orders financial intermediaries to allow product cancellations through the same channels used to contract them
The Superintendency of Banks of the Dominican Republic issued Circular CSB-REG-202500014 mandating financial entities to allow product cancellation through the same channels used for sign-up, including remote options, within seven business days. Firms must halt new charges upon receiving a cancellation request and inform customers of outstanding balances. Non-compliance may result in sanctions under Law No. 183-02 and the Monetary Board’s regulations.