Regulatory Alerts2018-10-01 | cba-blob-8622State Ordinance on the Supervision of Money Transfer Companies (SOSMTC)
The Central Bank of Aruba establishes a mandatory registration framework for money transaction companies, requiring them to maintain ethical operational management, secure bank guarantees, and submit annual audited reports. The ordinance mandates rigorous integrity and suitability assessments for directors, supervisory members, and qualifying shareholders to effectively counter money laundering and terrorist financing. Empowered with risk-oriented supervisory authority, the Bank may inspect records, issue binding directives, cancel registrations, or grant exemptions to preserve financial system stability.
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