Financial Services Unit (FSU)

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The Financial Services Unit (FSU) serves as the key regulatory body for the financial services industry in Dominica, with the exception of Commercial Banks and Securities Business. Its main role is to enforce money laundering prevention and counter-terrorism financing laws, upholding the financial sector's integrity and stability.

About Financial Services Unit (FSU)

Financial Services Unit (FSU) Dominica operates as the primary regulatory authority for the financial sector in Dominica, excluding commercial banks and securities businesses. Established as a department within the Ministry of Finance, the FSU is recognized for its stringent regulatory practices, making it a key player in the Caribbean's financial regulatory framework.

History and Evolution of the FSU

The FSU was established to enhance the supervision of Dominica's non-commercial bank financial sector, including offshore banking, money services businesses, insurances, and credit unions. It aims to foster confidence and stability in the financial sector, which is crucial for the overall economic development of Dominica.

FSU's Mandate and Functions

The FSU's mandate, derived from the FSU Act, includes supervising licensees according to the Act and financial services enactments, monitoring financial institutions, and taking action against unlicensed financial services business. Its responsibilities extend to administering financial services enactments and other relevant legislations.

The primary functions of the FSU include:

• Ensuring compliance with anti-money laundering and counter-terrorism financing legislation.
• Monitoring financial institutions and supervising offshore registries.
• Advising the Minister of Finance on financial services matters.
• Encouraging high professional standards within the financial services industry.
• Developing anti-money laundering and counter-terrorism financing strategies for Dominica.

Regulatory Scope of The Financial Services Unit

The FSU's regulatory scope encompasses various financial entities, including credit unions, insurance companies, offshore banks, money service businesses, and other financial entities like gaming companies. It also acts as the Money Laundering Supervisory Authority (MLSA) for the island.

Commitment to Transparency and Integrity

The FSU operates with a commitment to transparency and integrity, ensuring that financial institutions in Dominica adhere to internationally accepted standards. This includes rigorous monitoring and compliance measures to safeguard the interests of consumers and enhance market integrity.