Director, Financial Services Unit
Mr. Claudius Lestrade
Welcome to the Financial Service Unit of the Commonwealth of Dominica or (FSU); we are the sole Financial Services Regulatory Authority in Dominica, and one of the most stringent Regulatory Authority in the Caribbean. As a Department of the Ministry of Finance the Financial Service Unit regulates all, Credit Unions, Insurance Companies, Offshore Banks, Money Service Businesses, Development Bank, Buildings and Loans Societies, Gaming Companies, Other Financial Entities and is the Money Laundering Supervisory Authority (MLSA).
The FSU is under the auspices of the Ministry of Finance and composed of a group of experienced professionals, The Authority of the Financial Services Unit (FSU), covers the entire Financial Services Sector in Dominica and is responsible for the supervision and regulation of all the financial institutions within the jurisdiction with the exception of Commercial Banks and Securities Business.
With the creation of the Financial Services Unit in 2008, supervision of the Non-Commercial Bank Financial Sector; to include Offshore Banking, Money Services Businesses, Insurances, Credit Unions etc. was significantly strengthened, an essential element in ensuring the safety and soundness of this sector. The FSU has developed an effective Risk Based Supervisory Framework, where customer's confidence has increased accordingly to the benefit of all concerned. In 2011, the FSU under section 7 of the Money Laundering Prevention Act. No. 8 became the Money Laundering Supervisory Authority (MLSA).
The Financial Services Unit objectives is to ensure that every financial institution and Schedule Entity conducts an AML/TF Risk Assessment, whereby policies, procedures and controls are developed as to prevent and mitigate the ML/TF risks identified. Confidence and stability in the financial sector are critical for the development of the overall economy.This is of even greater importance in today's turbulent economic times and the role of the Financial Services Unit therefore becomes even more significant. Dominica Financial Services Sector continues to grow and while Dominica is welcoming to this type of business; quality, quantity and compliance remains the main denominator in this JurisdictionThe mandate of the FSU stems from the FSU Act which gives it responsibility to monitor financial institutions operating in Dominica, take action against persons carrying on unlicensed financial services business, supervise licensees in accordance with the FSU Act and the financial services enactments, and administer the financial services enactments or any other relevant enactments.