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)
The State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) contains provisions regarding, inter alia:
- customer due diligence (CDD)
- reporting of unusual transactions
- record keeping
- supervision and enforcement
Non-regulated financial service providers (including insurance brokers, investment brokers, factoring and leasing companies) and designated non-financial service providers (including lawyers, civil notaries, tax advisors, accountants, jewelers, high value dealers, casinos) must comply with the requirements of the AML/CFT State Ordinance. They must also register with the CBA.
Click here for the Enactment Ordinance State Ordinance for the Prevention and Combating of Money Laundering and Terrorist Financing containing the transitional provisions in order to comply with the AML/CFT State Ordinance (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 CBA has issued Guidance Notes for the establishment of a policy document and accompanying CDD procedures to risk rate the existing customer base. These Guidance Notes are not legally binding. They present ways of complying with the AML/CFT State Ordinance and allow a service provider discretion as to how to apply the requirements in the particular circumstances of its business, products, services, transactions and customers.