Digi Bank (DB) was established in Dominica to address the growing needs of international clients and companies wanting to expand their footprint from East to West. The foundation of the bank is to provide security, trust and exceptional service combined with the latest technology.
DB is the first western bank tailored to the Asian market in search of an international bank. Offering up-to-date solutions in their own language and time zone, we add our personal touch so our clients can trust us as we add value to their lives.
The focus of Digi Bank is to capitalize on opportunities within the Asian Market. Based on the expansion of the market, Digi Bank makes banking in Dominica a prime option for Asian territories.
DB is a digitally advanced bank that empowers its’ clients to have control of their funds wherever they are. We assist Asian clients to manage their funds in a secure, private overseas territory.
To provide Banking Beyond Borders for our clients using technology, flexibility, innovation and paying attention to each individual’s personal financial needs.
To provide exceptional international financial services for clients who are seeking to make use of an international bank that allows them to conduct banking world-wide. To deliver this service through a strong relationship based on trust, operational excellence and meeting the needs of our clients with high-quality service.
Dominica is a parliamentary democracy within the Commonwealth of Nations. The capital is Roseau. The Dominica economy, once overly-dependent on agricultural products, has diversified to include small industry, geothermal energy production, tourism, a leading economic citizenship by investment program in the world and offshore investing. The Government has, over a period of nearly two decades, established a number of incentives for investors.
In recent years, the Commonwealth of Dominica has become a major international financial centre. The largest sectors are "offshore banking, payment processing companies, and general corporate activities". Regulation and supervision of the financial services industry is the responsibility of the Financial Service Unit of the Commonwealth of Dominica (FSU) under the supervision of the Ministry of Finance.
Digi Bank Corporation will function and be guided by strict compliance of the FSU in Dominica and of the European and International laws, because of the use of the US Dollar and the Euros compatible with all related US and European countries. We incorporate guidelines from the US Patriot Act in conjunction with local legislations as outlined in the Offshore Banking Act for the Commonwealth of Dominica.
The Financial Service Unit of the Commonwealth of Dominica is the main financial regulator in the Island of Dominica. It is one of the most stringent financial authorities in the Caribbean and is quickly becoming a major participant in the offshore regulatory framework. The Financial Services Unit (FSU) of the Ministry of Finance is responsible for the supervision of banking and insurance activities, and for the facilitation and supervision of the offshore and international business activities in Dominica.
In 2011, the FSU under section 7 of the Money Laundering Prevention Act. No. 8, became the Money Laundering Supervisory Authority and aims to ensure that every financial institution conducts a risk assessment, whereby policies, procedures and controls can be developed as to prevent/mitigate the ML/TF risks identified.
Confidence and stability in the financial sector is 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 FSU, therefore, becomes even more significant.
According to the objectives of the FSU as spelled out by the Section 4 of the FSU’s Act, 18 of 2008 (PDF 83.14KB) those objectives include:
FATCA was enacted in 2010 by Congress to target non-compliant U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. FFIs are encouraged to either directly register with the IRS to comply with the FATCA regulations (and FFI agreement, if applicable) or comply with the FATCA Intergovernmental Agreements (IGA) treaty as in effect in their jurisdictions. FFIs are required to report the accounts identified to the Inland Revenue Department of the Government of Dominica which will forward this information to the Internal Revenue Service (“IRS”) of the United States.
FATCA impacts on all financial and non-financial operating companies receiving any U.S. source income, to include but is not limited to receipts of dividends, royalties, interest etc. There are no records of U.S. Treasury’s commitment to any country of providing special exception from these reporting requirements. All FFIs which keep U.S. person’s accounts are obligated to utilize the following documents:
As per Notice 2011-34 U.S. status can be quantified as follows:
To remain compliant with all FATCA’s requirements unconditionally as a FFI guided by FATCA’s regulations, Digi Bank Corporation has registered with the IRS and it has been assigned the Global Intermediary Identification Number (GIIN): FNI99H.99999.SL.212.
For access to the FATCA regulations and administrative guidance related to FATCA and the Commonwealth of Dominica and to learn about taxpayer obligations please visit the Internal Revenue Service FATCA Page. https://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx
Digi Bank Corporation’s AML and Know Your Customer (KYC) guidelines are governed and regulated by the following laws enacted in the Commonwealth of Dominica:
The entire staff and directorship of Digi Bank are guided by the above code of conduct in execution of their AML responsibilities as individuals and a corporate. KYC policies are essential to any financial institution. Knowing whom you are doing business with can prevent a bank from inadvertently facilitating money laundering. If not, an inadequate or nonexistent KYC system can result in the bank, as well as individual employees becoming subjects to civil and/or criminal penalties.
The objectives of KYC guidelines are to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. KYC procedures also enable banks to know and understand their customers and their financial dealings better, which in turn help them, manage their risks prudently.
Banks with inadequate KYC risk management procedures may be subject to significant risks, especially legal and reputational ones. Sound KYC policies and procedures not only contribute to a bank’s overall safety and soundness, but also protect the integrity of the banking system by reducing the likelihood of banks becoming vehicles for money laundering, terrorist financing and other unlawful activities.
“Customer” refers to any person or entity who opens or maintains an account, as well as beneficial owner(s), beneficiary/ies of transaction(s) performed by intermediaries, and entities or persons connected with high-risk financial transactions.
The Bank must know the identity of all customers, authorized persons, and all the bona fides of potential customers must be confirmed and enquiries made into the nature of their business(es) and the source of their funds before opening of account(s). It is the responsibility of the Compliance Officer (CO) to satisfy him/her self that all Due Diligence (DD) and customer information requirements have been satisfactorily completed.
A “customer” will only be accepted by Digi Bank if he/she has satisfactorily met all requirements outlined for the opening of accounts. Such requirements must be satisfied by notarized documentation which must be provided to the Bank. A soft copy sent electronically (for initial screening) and hard copy forwarded via courier to complete the account opening process.
The CAP enumerates explicit guidelines on the following aspects of customer relationship in the Bank.
1. No account must be opened in anonymous or fictitious name(s).
2. No account must be opened or closed where the branch is unable to verify the identity and/or obtain documents required as per the risk categorization due to non-cooperation of the customer or non-reliability of the data/information furnished to the Bank by the individual.
3. The Bank has guidelines which allow for the closure of accounts without providing prior notice and or an explanation, should the Bank think that this decision protects its employees and its reputation.
4. Circumstances in which a customer is permitted to act on behalf of another person/entity, should be clearly outlined in conformity with the established laws and practice of banking as there could be occasions when an account is operated by a mandate holder or where an account may be opened by an intermediary in the fiduciary capacity and in which case the identity of the intermediary as well as the customer must be established and verified, alongside the appropriate Power of Attorney (POA) or similar document.
5. Necessary DD checks are conducted prior to opening new account(s) to ensure that the identity of the customer is not identical to any person identified with a criminal background or with banned entities such as individual terrorists or terrorist organizations available from circulars etc.
6. Politically Exposed Persons (PEPs) are individuals who are or have been entrusted with prominent public functions or same in a foreign country or immediate family members of the same, e.g., Heads of States or of Governments, senior politicians, senior government/judicial/military officers, senior executives of state-owned corporations, important political party officials, etc. Branch/office should gather sufficient information on any person/customer of this category intending to establish a relationship and check all the information available on the person in the public domain. Ensure that adequate DD is conducted prior to establishing banking relationship(s), and Enhanced Due Diligence (EDD) is always used when dealing with this category of customers.
Digi Bank MUST verify the identity of the prospect and seek the relevant information about the sources of funds before accepting the PEP as a customer and should be subjected to ongoing monitoring.
Digi Bank does not accept cash deposits, does not issue cash to customers/does not conduct cash transactions nor does Digi Bank open coded or shell accounts.
Digi Bank does not open accounts for other banks, e-currency providers or similar kinds of businesses. Business relationships are not established unless and until there is irrefutable proof concerning the prospective customer’s identity, and the purpose of and intended nature of the proposed business relationship is known. If a prospective customer refuses or is unable to present any of the information requested by Digi Bank, the business relationship must not be established.
Ongoing monitoring of all account behaviors MUST be exercised as DIGI BANK wants to ensure that it does not compromise its policies and expose itself to reputational risks.
Digi Bank will make a reasonable effort to determine the true identity of all customers and authorized signatories requesting its services by obtaining appropriate identifications from each. The Bank will, therefore, take particular care to identify the ownership of all accounts prior to having the account(s) opened. A customer’s identity will be vetted by providing Digi Bank with a notarized colored copy of a valid machine readable passport with clear photo and recognizable features. Additionally, a 2nd piece of valid photo identification such as National ID or driver’s license must also be provided alongside a 3rd document as needed to prove an applicant’s residential address.
If the documents are not in English request a notarized copy of a translated document prepared by a certified translator.
“Declaration of Source of Funds” (DSF) MUST be provided when requested by the Bank, and should indicate “how the funds were earned/accumulated” e.g salary, sale of property, inheritance and should be supported by source documents. The DSF should be completed and signed by either the beneficial owner or the authorized person on the account.
Once all the documents have been examined an e-mail message is sent to the prospective customer/authorize person stating that the application has been received. Any outstanding documents or queries will then be addressed and should it be necessary to conduct further verification on a prospective customer’s identity, the customer will be so advised. To reiterate: “it is of utmost importance that Digi Bank knows its customers and all signatories and the business they are involved in. This ensures that the bank can offer and provide the most suitable banking services to its customers and also ensures that Digi Bank enters into a relation-ship that will not create a reputational risk for the bank and the jurisdiction of operation”.
An effective KYC programme has been established and implemented by Digi Bank. The nature and extent of “DD” will depend on the risk perceived by the Bank. The customer’s profile is confidential and details contained therein will not be divulged for cross selling or any other purposes, unless authorized by the customer in writing.
Bank’s internal audit and compliance functions have an important role in evaluating and ensuring adherence to the KYC policies and procedures. The compliance function will provide an independent evaluation of the Bank’s own policies and procedures, including legal and regulatory requirements.
Annual training sessions on all aspects of KYC are geared to equip the board of directors and staff members on ‘KYC’ & ‘AML’ policies so as to protect the Bank and its employees from Money Laundering transactions and consequences.
An independent evaluation of KYC guidelines for identifying weaknesses is conducted by an independent body. The process is meant to identify the effectiveness of measures taken by Digi Bank on the implementation of KYC guidelines and prevention of Money Laundering and will be reported to the board of directors on an annual basis.
The Bank employees are expected to conduct themselves in accordance with the highest ethical standards and in accordance with the existing regulatory requirements and laws. Staff and management shall not provide advice or other assistance to individuals who are known to be indulging in money laundering activities. Dereliction of duty and avoidance of knowledge will lead to examination of staff accountabilities.
The role of Compliance is to identify, assess, advise on, communicate, monitor, and report on the Bank’s compliance with regulatory requirements. Digi Bank’s compliance program is reasonably designed to identify and control the risk of compliance failure that could result in financial and reputational damage to the Bank or to meet regulatory requirements and standards.