Banks seek to prevent indiscriminate access to financial information

The Association of Commercial Banks of the Dominican Republic (ABA) clarified that, with the observations they make to the bill to regulate the National Intelligence Directorate (DNI)seek to eliminate any distortion or risk that may arise from indiscriminate access to information and that the information requirements that manage the Financial Intermediation Entities (EIF) always exhaust the same path, have a single subject and a specific purpose.

The entity pointed out that some of the points suggested in the observations delivered in May 2022 were already resolved, however, Others are still pending that are of vital importance for the financial system and that were processed in a communication in February of this year.

The ABA explains that in article 11 of the aforementioned Draft Law, it is established that all private institutions will be obliged to deliver to the National Intelligence Directorate (DNI), all the information that it requires on which data or knowledge is delivered.

At this point, the union of multiple banks specified that the Monetary and Financial Law (LMF), establishes in its article 56 literal b, how EIF information collaboration is modulated,and that, under the “Obligation of Confidentiality”, it creates a special processing scheme.

They emphasize that this Law states that the courts may order the delivery, directly, of the banking or financial information that is necessary in the knowledge of cases of any nature that they ventilate.

They also point out that The regulations indicate that the Public Ministry, with prior judicial authorization, may request information directly from financial intermediation entities. or to the participants of the securities market, through the Superintendence of Banks or Securities, as appropriate.

The ABA suggests that in the case of EIFs, the pertinent clarifications be made expressly, so that the entities can collaborate with the delivery of information correctly, reasonably and in accordance with the law.

"For this reason, we recommend modifying paragraph IV of the aforementioned article 11 so that from now on it is as follows: Paragraph IV.- The information that must be delivered to the National Intelligence Directorate (DNI), as established in this article , will be done with the limitations and observations established in the Constitution of the Republic and the Sectoral Laws"points out the ABA.


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