Digital linking for legal entities, expanding a model that until now was only available to individual clients
SANTO DOMINGO.– Opening a business bank account, requesting certain financial products, or starting a relationship with a financial intermediary will no longer require, in many cases, the physical presence of company representatives.
The Superintendency of Banks (SB) announced yesterday, Monday, that legal entities may contract banking products and services remotely, after expanding the onboarding through Circular SB: CSB-REG-2026000013, a measure that extends to commercial companies a process that was previously only available to individuals.
With this decision, financial institutions will be able to incorporate companies through digital channels, provided they comply with the verification and identification mechanisms established by the regulation.
One less procedure for companies
The measure seeks to reduce one of the processes that has traditionally required the most time for companies: opening a banking relationship.
To this end, the regulations incorporate specific procedures that allow for the remote validation of corporate documentation, commercial registers, the identity of legal representatives, and information on the ultimate beneficiaries of each company.
It also authorizes financial intermediation entities to consult, through digital services, corporate information available in chambers of commerce, streamlining the necessary verifications before approving the contracting of products and services.
Fewer barriers for SMEs
The SB explained that the provision seeks to eliminate operational and geographical obstacles that many companies face when accessing the financial system, especially micro, small and medium-sized enterprises (MSMEs).
The institution believes that the possibility of carrying out these processes digitally will reduce management times, simplify administrative procedures and facilitate access to financial services without the need for physical travel.
Digitalization maintains regulatory controls
Although the process can be carried out remotely, the Superintendency specified that the regulatory update maintains all requirements related to the identification and verification of clients.
Financial institutions must continue to apply due diligence procedures, prevention of money laundering and terrorist financing, as well as the information security standards and protection of financial users provided for in current regulations.
Part of the digital transformation strategy
The measure is part of the modernization process that the financial institution is promoting to expand the use of digital tools within the financial system.
According to the supervisory body, the initiative also aligns with the national strategy Meta RD 2036, aimed at strengthening productivity, competitiveness and innovation through the simplification of processes and more efficient access to financial services.
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