As part of its 75th anniversary celebrations, the Superintendence of Banks (SB) launched a campaign that seeks to publicize the work it does in the Dominican financial system and for the benefit of society as a whole.
Under the slogan Taking care of the system, we take care of you< /em>, the institution highlights the work it does for the health of the financial system, through banking supervision, regulation and protection of users, and how it works. How this translates into certainty and confidence for the population in general.
The work carried out by the SB is reflected in the sector it supervises. In this sense, recently the International Monetary Fund (IMF) affirmed that that “the financial system remains resilient and continues to support the economy, despite the orderly withdrawal of the regulatory flexibility measures introduced during the pandemic”.
Similarly, the international organization highlighted that “the authorities continue to align the banking supervision and regulation framework with international standards”.
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In this regard, the Superintendent of Banks, Alejandro Fernández W., the commitment assumed by the institution to work continuously for the health of the system, always taking into account its impact on the well-being of Dominicans.
“In the SB we have a highly qualified team, focused on constantly improving the quality of supervision of financial intermediation entities (EIF) and the support we provide to users of their services, ”, said Fernández W.
About the Superintendency of Banks
The Superintendence of Banks is the state entity called to carry out the supervision of financial intermediation entities, with full functional autonomy, and in order to verify that they comply with the provisions of Law No. 183-02, Monetary and Financial Law.
This is the body in charge of requiring the constitution of provisions to the EIF to cover risks; demand the regularization of non-compliance with current legal and regulatory provisions and impose the corresponding sanctions, with the exception of those applied by the Central Bank, as established by law.
It also has functions of a regulatory nature, such as issuing instructions and circulars, and submitting to the Monetary Board regulations on its area of competence.
Likewise, it is responsible for proposing the authorizations or revocation of financial entities that must The Monetary Board evaluates.
The Superintendency of Banks oversees the application of the principles and criteria established in the User Protection Regulation, in order to protect the rights of users of products and financial services in the Dominican Republic.