Supervision

The Central Bank of Aruba (CBA) is responsible for the AML/CFT supervision of financial and designated non-financial businesses and professions pursuant to the AML/CFT State Ordinance. The CBA assesses whether service providers comply with their obligations under the AML/CFT State Ordinance, including the obligation to conduct a customer due diligence, the reporting of unusual transactions and the retention obligation.  In doing so, the CBA assesses whether a service provider has adequate policies and procedures in place to ensure AML/CFT compliance.

As far as financial institutions and trust offices are concerned, the CBA also supervises compliance with the Sanction Decree Combat Terrorism and Financing Terrorism (AB 2010 no. 27).

Supervisory authorities

In the execution of its supervisory task, the CBA is authorized to request and view summarized information and intelligence. The CBA can, among other things, request information in writing (off-site) or conduct an on-site investigation. Full co-operation by service providers with the CBA in the execution of its duties is mandatory.

Enforcement

In case of non-compliance, the CBA can take informal and/or formal measures. Informal measures can include, for example, a warning letter or a compliance briefing. Furthermore, the CBA can impose formal measures, such as the issuance of a direction, a penalty charge order and/or an administrative fine (maximum Afl. 1,000,000).

Register

The CBA maintains a register of designated non-financial businesses and professions and non-regulated financial service providers. These categories of service providers are required to register with the CBA.

More information

The website of the CBA provides detailed information regarding AML/CFT supervision and the registration requirement.