Regulatory Alerts2024-02-08 | cba-blob-17178State Ordinance on the Prevention and Combating of Money Laundering and Terrorism Financing
The State of Aruba issued this ordinance to establish comprehensive rules requiring financial and designated non-financial service providers to implement risk-based customer due diligence and identity verification measures. The legislation mandates ongoing monitoring of business relationships, obligates providers to identify ultimate beneficial owners and politically exposed persons, and extends compliance obligations to sectors including legal professionals, real estate agents, precious metals dealers, casinos, trust offices, and virtual currency service providers. Designated supervisory authorities oversee compliance through risk-based supervision, while service providers must report unusual or suspicious transactions to the Financial Intelligence Unit-Aruba and may suspend services when necessary to prevent illicit financing.