The CBA is the sole supervisory authority in Aruba with respect to the financial sector. The supervision of the CBA aims primarily at maintaining the soundness and integrity of the financial system. Hereby safeguarding the interests of depositors, policyholders and investors. The CBA is responsible for the regulation and supervision of banks, credit institutions, lending businesses, life insurance companies, company pension funds, investment companies, money transaction companies, money exchange offices, pawn shops, securities businesses and trust service providers.
The CBA is also mandated with the oversight on the compliance with the anti-money laundering and countering financing of terrorism (AML/CFT) laws and regulations at the financial institutions and designated non-financial service providers (including but not limited to lawyers, civil notaries, tax advisors, accountants, jewelers, high value dealers, casinos).
The CBA keeps public registers of the entities under its supervision. Click here to view all the registered entities and here for a register of designated, non financial business and professions
The supervision tasks the CBA conducts are partly funded by the supervised sectors, which are financial institutions and designated non-financial businesses and professions.
Table 1 below provides an overview of the supervision costs passed on yearly to the different financial institutions pursuant the following State Decrees for the respective sectors: the State Decree on the charging of supervision costs to the credit institutions (AB 2011 no. 4), the State Decree on the charging of supervision costs to insurance companies (AB 2006 no. 3), the State Decree on the charging of supervision costs to company pension funds (AB 2010 no. 86), the State Decree on Captive insurance companies (AB 2002 no. 50), the State Decree on the charging of supervision costs to insurance brokers (AB 2018 no. 53), the State Decree on the charging of supervision costs to money transfer companies (AB 2007 no. 18), the State Decree on the charging of supervision costs to trust service providers (AB 2012 no. 60).
Table 1: Annual costs passed on to the Financial Institutions
Tabe 2 below provides an overview of the supervision costs passed on yearly to the designated non-financial businesses and professions as of January 1, 2023, pursuant to the State Decree on the charging of supervision costs non-financial service providers AML/CFT State Ordinance (AB 2022 no. 169).
Table 2: Annual AML/CFT supervision costs passed on to the DNFBPs
Note that until now only a small part of the actual costs is charged by the CBA to the supervised sectors.
