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Integrity Supervision - Money Transfer Companies

Money Transfer Companies

  1. Application form / Market entry

    Money transaction companies (MTC's) of money exchange offices need to be registered by the CBA in order to be allowed to provide money transfer or money exchange services (cf. Articles 2 through 5 of the State Ordinance Supervision Money Transfer Companies). Reference is made to our application form for more information for MTC’s.

  2. Law and regulations 

    The CBA supervises the money transaction companies based on the State Ordinance Supervision Money Transfer Companies (SOSMTC) (AB 2003 no. 60), which is primarily focused on maintaining a high level of integrity of the financial system. The SOSMTC regulates both money transfer activities as well as money exchange activities performed by an institution. Via off-site surveillance and periodic on-site examinations, the CBA conducts ongoing oversight over the money transaction companies.

    The money transaction companies must comply with the relevant requirements of the SOSMTC and related regulations. They must also comply with the State Ordinance for the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) and the Handbook for the prevention and detection of money laundering and financing of terrorism for service providers (financial and designated non-financial) (AML/CFT Handbook) issued by the CBA. Furthermore, they must comply with the financial sanctions regulations and must, in this respect, take duly notice of the Financial Actions Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) warning lists, periodically circulated by the CBA.

  3. Enforcement

    In cases where the CBA identifies a situation of noncompliance with the applicable supervisory laws and regulations, formal or informal (a normative conversation or a written warning) measures are considered. The decision whether to apply formal or informal measures depends, among other things, on the seriousness of the case. Please refer to the CBA’s Enforcement policy for more information.

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