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The AML/CFT Framework

The AML/CFT Framework

The Aruban AML/CFT framework is based on the recommendations to combat money laundering and the financing of terrorism & proliferation published by the Financial Action Task Force (FATF). This framework consists of the following components.

1. AML/CFT State Ordinance

The State Ordinance for the Prevention and Combating Money Laundering and Terrorist Financing (AML/CFT State Ordinance) contains provisions regarding:

  1. Customer due diligence (CDD)
  2. Reporting of unusual transactions to the Financial Intelligence Unit (FIU) 
  3. Record keeping
  4. Supervision and enforcement

2. AML/CFT Handbook

The CBA revised the Handbook for the prevention and detection of money laundering and financing of terrorism (AML/CFT Handbook). As of January 1, 2020, the AML/CFT Handbook applies to all financial service providers and all designated non-financial service providers, as defined in section 1 of the AML/CFT State Ordinance. 

3. Related State Decrees and regulations

Further to the AML/CFT State Ordinance, the following subordinate legislation applies:

  1. State Decree Wire Transfers (in English) (Landsbesluit regeling geldelijke overmakingen) (in Dutch)
  2. State Decree regarding the principles for administrative enforcement AML/CFT State Ordinance (in English) (Landsbesluit grondslagen bestuurlijke handhaving LWTF) (in Dutch)  
  3. Regulation designated stock exchanges AML/CFT State Ordinance (in English) (Regeling erkende aandelenbeurzen LWTF) (in Dutch)
  4. Regulation designated introduction countries AML/CFT State Ordinance (in English) (Regeling erkende introductielanden LWTF) (in Dutch) 
  5. Regulation verification documents AML/CFT State Ordinance (in English) (Regeling verificatiedocumenten LWTF) (in Dutch) 
  6. Relevant indicator regulations (AB 2012 no. 23, AB 2012 no. 47).
  7. Regulation Ultimate Beneficial Owner