a. Admission policy/ Market entry
According to Article 50 of the State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance), DNFBPs must register with the CBA via the Registration Form. The CBA keeps a public register of all DNFBPs, which is updated on the CBA’s website at least monthly.
b. Law and regulations
The CBA also supervises the DNFBPs for compliance with the State Ordinance for the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) (AB 2011 no. 28). Article 1 of the AML/CFT State Ordinance indicate that lawyers, civil notaries, tax advisors, accountants, jewelers, high value dealers, casinos and other service providers including investment brokers, factoring and leasing companies must comply with the requirements of the 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.
c. 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.
