a. Application form / Market entry

According to Articles 2 through 4 of the State Ordinance on the Supervision of Trust Service Providers (SOSTP) trust service providers need a license issued by the CBA in order to conduct the business of a trust service provider. Download the application form for a license to conduct the business of a trust service provider. 

b. Law and regulations

The CBA supervises the trust service providers based on the State Ordinance on the Supervision of Trust Service Providers (AB 2009 no. 13), which is primarily focused on maintaining a high level of integrity of the financial system. Via off-site surveillance and periodic on-site examinations, the CBA conducts ongoing oversight over the trust service providers. 

The Trust service providers must comply with the requirements of the State Ordinance for the Supervision of Trust Service Providers. They must also comply with the State Ordinance on 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 us. 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 for trust service providers.