Puerto Rican Banking SystemAs Puerto Rico is in fact a US territory: it has no Central Bank, and its functions are performed by the US Reserve Bank. The US dollar is naturally the main currency used in Puerto Rican banks, but it is not the only one. A business account you set up in Puerto Rico will be a part of the American banking system and at the same time it will be subject to the laws of Puerto Rico, and this is an ideal combination of reliability and confidentiality. Restrictions by CountryThe US federal government imposes certain limitations on doing business with some countries, and these apply in Puerto Rico as well. Puerto Rican banks are very attentive when it comes to information about beneficial owners and the origin of funds.

Source: New York Times December 15, 2023 13:04 UTC