Central Bank of the Dominican Republic publishes comprehensive amendments to the operational risk regulation extending scope to exchange and remittance agents

The Central Bank of the Dominican Republic published notice that the Monetary Board has approved the final version of a comprehensive revision to the Regulation on Operational Risk and authorised its publication. The revised framework sets updated operational risk management expectations for financial and foreign exchange intermediation entities and expands the perimeter of covered intermediaries. The regulation sets criteria and general guidelines for operational risk management, and updates governance, risk management, control and capitalisation minimum standards aligned with international best practices, reflecting the financial system’s evolution, technology use and emerging risks. A key change is the inclusion of exchange agents and remittance and exchange agents, reflecting their role in foreign exchange operations and their integration into the Dominican Republic’s payment system (SIPARD) and the Central Bank’s foreign exchange platform; these intermediaries are expected to maintain sufficiently robust frameworks and mechanisms to prevent, detect and mitigate incidents that could affect operational continuity or information integrity, proportionate to their nature and activity volumes. The revised Regulation on Operational Risk is available on the Central Bank’s website under the “Normativa/Reglamentos vigentes” section.