Financial Services Unit

Mission

To safeguard the integrity of the financial services system while facilitating the development of the financial services sector of the Commonwealth of Dominica through effective and efficient supervision and regulation.

Vision

To be a Top Tier Financial Services Regulator.

The Financial Services Unit (FSU) of the Commonwealth of Dominica is the main Financial Regulator Authority responsible for the supervision and regulation of all Financial Institutions, Designated Business and Professionals (DNFBP), Virtual Asset Service Providers (VSAPS), and the Money Laundering Supervisory Authority (MLSA) in Dominica. The FSU is one of the most stringent regulatory authorities in the Caribbean and is quickly becoming a major participant in the international regulatory setting. Dependent on the Ministry of Finance, the Financial Services Unit regulates all Offshore Banks, Credit Unions, Insurance Companies, Money Service Businesses, Gaming Companies, Virtual Asset Service Providers, Trust Companies and all Other Financial Entities with the exception of Commercial Banks and Securities Business.

The FSU operates under the auspices of the Ministry of Finance and composed of experienced professionals.

Mandate of the FSU

The mandate of the FSU stems from the FSU Act No.18 of 2008 which gives it responsibility to monitor financial institutions operating in Dominica, act 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.

The following Financial Services Enactments are listed in Schedule I of the FSU Act:-

• Building Societies Act (Chap 31:60)
• Co-operative Societies Act (No. 2 of 2011)
• Dominica Agricultural, Industrial and Development Bank Act (Chap.74:03)
• Exempt Insurance Act (No. 14 of 1997)
• International Exempt Trust Act (No. 10 of 1997)
• International Business Companies Act (No. 10 of 1996)
• Offshore Banking Act (No. 8 of 1996)

The following financial institutions falling under the purview of the Unit are listed in Schedule II of the FSU Act:-

• Building Societies as defined by the Building Societies Act
• Credit Unions as defined by the Co-operative Societies Act,
• Development Banks
• Exempt Insurance Companies as defined by the Exempt Insurance Act,
• International Trusts as defined by the Exempt Trust Act,
• International Business Companies as defined by the International Business Companies Act
• Internet Gaming Companies, Insurance Companies, Money Transfer Companies and Offshore Banks

In addition to the mandate listed above, the FSU is responsible for monitoring and ensuring AML/CFT compliance of all Financial Institutions and DNFBS under the Money Laundering Preventions Act and the terrorism of Financing Act.