Warning regarding unregistered money transaction companies

The Central Bank of Aruba (CBA) is responsible for the registration and supervision of money transaction companies operating in and from Aruba, pursuant to the State Ordinance Supervision Money Transaction Companies (AB 2003 no. 60) (State Ordinance). A money transaction company sends and/or receives money for its customer. Such transactions are typically used to send funds to relatives living abroad.

Pursuant to the aforementioned State Ordinance, it is prohibited to be active as a money transaction company unless the natural person, legal entity or company is registered as a money transaction company in the public register.

All natural persons, legal entities or companies operating as a money transaction company without the required registration must immediately cease their activities.

If a money transaction company is not registered with the CBA, the CBA may decide to impose formal measures against the offender, such as a penalty charge order and/or an administrative fine (article 23 State Ordinance). Also, the CBA may decide to bring the violation of law to the attention of the Prosecutor’s Office. A breach of article 2 of the State Ordinance is punishable with imprisonment of up to six years or a fine.

If you suspect any person of providing money transaction services without the required registration, you should immediately notify the CBA by letter to: Central Bank of Aruba, J.E. Irausquin Boulevard 8, Oranjestad, Aruba and/or via email: supmanager@cbaruba.org. Please provide as many details as possible, including the business/trading name and or/name of the natural person(s) and the business address/location.

Further information may be accessed on the CBA's website, www.cbaruba.org.

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