Integrity and AML/CFT supervision

Regulation and supervision of money transfer companies and trust service providers

The Integrity Supervision Department is entrusted with the execution of the State Ordinance on the Supervision of Money Transfer Companies and the State Ordinance on the Supervision of Trust Service Providers. This means that the Integrity Supervision Department is primarily responsible for the licensing / registration and supervision of money transfer companies and trust service providers.

Integrity supervision on credit institutions, insurance companies, money transfer companies, trust service providers and company pension funds

Integrity supervision is geared towards controlling the integrity risks at the financial institutions. Integrity risk management comprises prevention of involvement in criminal activities (including but not limited to money laundering and terrorist financing) and other breaches of the law or acting contrary to the generally accepted standards. In addition, it promotes ethical behavior and an ethical corporate culture and the prevention of conflicts of interests.

AML/CFT supervision credit institutions, insurance companies, money transfer companies and trust service providers

Credit institutions, life insurance companies, money transfer companies and trust service providers must also comply with the specific AML/CFT requirements of the State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) and the financial sanctions regulations. In this respect, duly notice must be taken of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) warning lists, periodically circulated by the CBA.

The AML/CFT State Ordinance does not apply to general (non-life) insurance companies. However, since the money laundering risks are not necessarily non-existent, the Directive on anti-money laundering and combating the financing of terrorism for insurance companies applies to general (non-life) insurance companies.