Money Transfer Companies

The CBA supervises money transfer companies by virtue of the State Ordinance Supervision Money Transfer Companies, which is primarily focused on maintaining a high level of integrity of the financial system.

Registration obligation and application

It is prohibited to be active as a money transfer company, unless the relevant entity is registered by the CBA in a public register. Licensed credit institutions are exempted form this prohibition.

A money transfer company can apply for a registration at the CBA. The CBA will assess whether the applicant is able to comply with all registration requirements, including the fitness and properness of (qualifying) shareholders and key persons (e.g. members of the Management and Supervisory Board), and with all relevant laws and regulations (see below).

Ongoing supervision

Via off-site surveillance and periodic on-site examinations the CBA will conduct ongoing oversight over the money transfer companies.

Money transfer companies must comply with the relevant requirements of the State Ordinance Supervision Money Transfer Companies and related regulations. Money transfer companies must also comply with the State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) Handbook for the prevention and detection of money laundering and combating the financing of terrorism for financial and trust services providers (AML/CFT Handbook) issued by the Centrale Bank van Aruba. Furthermore, money transfer companies must comply with the financial sanctions regulations. In this respect, money transfer companies must take duly notice of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task force (CFATF) warning lists, periodically circulated by the CBA.

Note also that the CBA has been granted supervisory powers and, in case of non-compliance, the CBA has a wide range of tools available to enforce compliance.

Supervisory costs

The supervision of money transfer companies is partly funded by the sector itself. A fixed amount of supervisory costs is divided among the money transfer companies under supervision, on the basis of their gross sales.