Regulatory Alerts2017-03-27 | cba-blob-8610State Ordinance on the Supervision of Trust Service Providers
The Governor of Aruba, through the Central Bank of Aruba, enacted this State Ordinance to establish a mandatory licensing and supervisory regime for trust service providers operating within the jurisdiction. The framework requires licensed entities to maintain fit-and-proper directors and qualifying shareholders, implement robust anti-money laundering and ethical governance policies, and retain accurate beneficial ownership records for a minimum of ten years. Violations trigger administrative fines of up to one million Aruban florins per breach, with maximums doubling for repeat offenses or substantial financial gains, while empowering the Central Bank to issue binding directives and enforce compliance through writs of execution.
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