They join forces in the fight against money laundering

The Insurance Superintendency of the Dominican Republic ( SIS ) signed a collaboration agreement last Friday with the Financial & International Business Association ( FIBA ) to implement the Anti-Money Laundering Certified Associate (Amlca) certification program in the country, aimed at raising compliance standards and strengthening the insurance sector's capabilities in preventing money laundering .

The agreement, a partnership with Florida International University (FIU), marks a regional milestone, as it marks the first time the Amlca program has been introduced in the insurance sector in the Dominican Republic and the Caribbean. It offers an up-to-date technical approach to the prevention, detection, evolution, and risk mitigation of these types of crimes.

Insurance Superintendent Julio César Valentín Jiminián noted that money laundering is a major challenge that can only be addressed by forging strong alliances.

"It's a great satisfaction for us to realize what began as a dream. And it's even more significant that it's with a leading organization like FIBA , with whom we will advance the professionalization and modernization of the sector to protect our economy," he noted.

FIBA President and CEO David Schwartz highlighted the strategic importance of the agreement.

"Our mission as a nonprofit organization is to build bridges, and with this agreement, we're building one for the insurance industry ," he said.

Combating money laundering is no easy task, which is why this type of training is crucial. It is also constantly updated to respond to the new challenges that arise every day.

The signing ceremony was attended by executives from key industry entities, such as the Dominican Chamber of Insurers and Reinsurers ( Cadoar ), the Dominican Association of Insurance Brokers (Adocose), and the National Association of Insurance Professionals (Anaprose); as well as executives from the Anti -Money Laundering Unit of the Directorate of Casinos and Gaming (DCJA), the Financial Analysis Unit (UAF), the General Directorate of Internal Revenue (DGII), and the Institute for Cooperative Development and Credit (Idecoop).

FIBA is an internationally recognized non-profit association, a leader in financial education, regulatory compliance, and specialized conferences.

Its Amlca program, developed in collaboration with Florida International University (FIU), offers a solid foundation of knowledge in money laundering prevention and combating terrorist financing, with updated content aligned with global regulatory changes.

• The certification will combine theory, case studies, and real-life examples, providing the necessary tools to implement and improve internal controls, policies, and procedures, with a focus on compliance with Law No. 155-17 on Money Laundering and other complementary regulations.

It will be aimed at officials responsible for risk, compliance, technical and commercial areas, insurance sector executives in the Dominican Republic , and any professional interested in strengthening their knowledge in the field.

The agreement signed between the two institutions, which includes other training activities, represents a strategic step in strengthening the technical and regulatory capabilities of the insurance sector, promoting more ethical and transparent management aligned with current challenges in financial crime prevention.

It also demonstrates the Superintendency of Insurance's commitment to consolidating a culture of compliance in the insurance industry by enabling key players in the sector to develop specialized skills with international standards, aligned with global best practices and the national regulatory framework.

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