Today, the Centrale Bank van Curaçao en Sint Maarten (CBCS) issued the following four AML/CFT/CFP1 provisions and guidelines (hereinafter: the P&Gs) applicable to the credit institutions and insurance sector as well as the money transfer and trust sector:
• Provisions & Guidelines on Combatting Money Laundering and the Financing of Terrorism & Proliferation for Life Insurance Companies and Intermediaries (Insurance Brokers) Curaçao
• Provisions & Guidelines on Combatting Money Laundering and the Financing of Terrorism & Proliferation for Credit Institutions Curaçao
• Provisions & Guidelines on Combatting Money Laundering and the Financing of Terrorism & Proliferation for Money Transfer Companies Curaçao
• Provisions & Guidelines on Combatting Money Laundering and the Financing of Terrorism & Proliferation for Company (Trust) Service Providers Curaçao These P&Gs replace the Provisions and Guidelines on the Detection and Deterrence of Money Laundering and Terrorist Financing for credit institutions, insurance companies & insurance
intermediaries, company service providers and money transfer companies issued by the CBCS inThey have been finalized after consultations with the different representative organizations which led to various constructive discussions and feedback.
Enforcement
The P&Gs are issued pursuant to provisions contained in the different national ordinances.
Supervised institutions are required to duly observe these P&Gs and take actions to be in compliance. Non-compliance of institutions with these new P&Gs will result in enforcement actions undertaken by the CBCS, such as imposing fines.
P&Gs in line with FATF Recommendations The issuance of these P&Gs underscores CBCS’ approach based upon its New Style of Supervision towards more intrusive and focused supervision, with the objective to be fully compliant with
international standards and good practices for the financial sector – in this particular case the FATF
Recommendations. Consequently, new requirements have been introduced in the P&Gs to be in
compliance with FATF Recommendations.