The Aruban AML/CFT framework is based on the 40 Recommendations to combat money laundering and the financing of terrorism & proliferation published by the Financial Action Task Force (FATF).
AML/CFT State Ordinance
The State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) contains provisions regarding:
- customer due diligence (CDD)
- reporting of unusual transactions
- record keeping
- supervision and enforcement
Designated non-financial service providers (including lawyers, civil notaries, tax advisors, accountants, jewelers, high value dealers, casinos) and other service providers (including investment brokers, factoring and leasing companies) must comply with the requirements of the AML/CFT State Ordinance. They must also register with the CBA.
State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing Transitional provisions (in Dutch)
Related decrees and regulations
Further to the AML/CFT State Ordinance, the following subordinate legislation applies:
- State Decree Wire Transfers (Landsbesluit regeling geldelijke overmakingen) (in English) (in Dutch)
- State Decree regarding the principles for administrative enforcement AML/CFT State Ordinance (Landsbesluit grondslagen bestuurlijke handhaving LWTF) (in English) (in Dutch)
- Regulation designated stock exchanges AML/CFT State Ordinance (Regeling erkende aandelenbeurzen LWTF) (in English) (in Dutch).
- Regulation designated introduction countries AML/CFT State Ordinance (Regeling erkende introductielanden LWTF) (in English) (in Dutch).
- Regulation verification documents AML/CFT State Ordinance (Regeling verificatiedocumenten LWTF) (in English) (in Dutch).
- Relevant indicator regulations.(AB 2012 no. 23, AB 2012 no. 47)
The Handbook for the prevention and detection of money laundering and combating the financing of terrorism for financial and trust services business regulated by the CBA (AML/CFT Handbook) describes the statutory requirements set out in the AML/CFT State Ordinance, provides mandatory directives of the CBA regarding the application of the AML/CFT State Ordinance (regulatory requirements) and finally presents ways of complying with the statutory and regulatory requirements (guidance notes).