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Financial Services Unit

Functions

Under Section 5 of the FSU Act (PDF 83.14KB), the Director of the Unit is responsible for the administration of that Act.

Legal Powers, Duties and Functions

Section 3 of the Act establishes the Financial Services Unit. Section 5 of the Act states that the Director of the Unit shall be responsible for the general administration of the Act. The principal functions of the Director are specified in section 9 of the Act as follows:-

  • Supervise licensees in accordance with this Act, the financial services enactments and regulatory Codes;
  • Monitor, through onsite examinations, the compliance of regulated persons with the Money Laundering (Prevention) Act 2011 (PDF 93.87KB), the Suppression of the Financing of Terrorism Act 2003 (PDF 74.42KB) and any other Act, regulation, Code or Guidelines relating to the Money Laundering (Prevention) Act 2011 or the Suppression of the Financing of Terrorism Act 2003;
  • Monitor financial institutions operating in or from Dominica and take action against persons carrying on unlicensed financial services business;
  • Administer the financial services enactments or any other relevant enactments;
  • Maintain and supervise the offshore registry;
  • Monitor the effectiveness of the financial services enactments in providing for the regulation of financial services business in Dominica to internationally accepted standards;
  • Advise the Minister on matters relating to financial services business;
  • Make recommendations to the Minister on amendments or revisions necessary to be made to the financial services enactments or for the enactment of new legislation to regulate financial services;
  • Encourage high professional standards within the financial services industry;
  • Maintain contacts and forge relations with foreign regulatory authorities, international associations of regulatory authorities and other international associations or groups relevant to its functions and to provide regulatory assistance to foreign regulatory authorities in accordance with this Act;
  • Provide such information and advice to licensees and the public or any section of the public concerning financial services as he considers appropriate;
  • Discharge such other functions as may be assigned to him under this Act;
  • Take such other measures as he considers appropriate to develop the financial services industry in Dominica;
  • Liaise with the Financial Intelligence Unit;
  • Liaise with the Central Bank with respect to supervising the functioning of the financial services business sector in Dominica;
  • Make a Regulatory Code with the approval of the Minister;
  • Inspect financial institutions to ensure that they comply with any Regulatory Code issued by the Central bank or the Minister;
  • Develop and assist in the development of anti-money laundering and counter terrorism financing strategies for Dominica;
  • Advise the Minister with regard to any matter relating to money laundering or terrorist financing.