Regulatory Alerts2013-08-20 | cba-blob-8565Added · Updated
State Decree Regarding the Principles for Administrative Enforcement of the AML/CFT State Ordinance
The Government of Aruba, through its Ministers of Justice and Finance, issued this State Decree to establish detailed calculation rules for penalty charge orders and administrative fines under the AML/CFT State Ordinance. The decree introduces a two-category classification system that defines specific basic, minimum, and maximum monetary thresholds for violations, ranging from zero to one million Aruban florins depending on the severity and duration of non-compliance. The Bank is authorized to adjust these baseline amounts by up to one hundred percent or double them when the financial benefit of a violation exceeds standard limits, with the regulations taking effect on January 1, 2012.
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