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AML/CTF Legislation in Aruba
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AML/CFT Legislation in
Aruba  ​

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Aruba’s AML/CTF Supervisors

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(FIU) - Financial Intelligence Unit

Established in 1996, Aruba's Financial Intelligence Unit (FIU) is the main supervisor for AML/CTF and is an independent government body. The FIU's major mission is to gather, record, process, and analyse data in order to see if it can be used to prevent and identify money laundering and terrorism financing.

How to comply with AML/CFT regulations in
Aruba

The Aruban AML/CFT framework is based on the Financial Action Task Force's 40 Recommendations to Combat Money Laundering, Terrorist Financing, and Proliferation (FATF)

The State Ordinance on Money Laundering and Terrorist Financing Prevention and Combat (AML/CFT State Ordinance) requires financial or designated non-financial service provider to:

  • Perform customer due diligence (CDD) or enhanced customer due diligence when a business relationship or a transaction by its nature entails a higher Money Laundering or Finance of Terrorism risk.
  • Report unusual transactions
  • Keep records
  • Comply with the AML/CFT State Ordinance

What are my AML/CTF reporting obligations?

A service provider must disclose an unusual transaction that has been carried out, or planned, to the FIU as soon as the unusual nature of the transaction becomes known to it. The unusual nature of a transaction is determined by objective or subjective indicators.

Objective indicators

  1. A transaction reported to the Ministry of Justice or Police.
  2. A transaction carried out by or on behalf of a private individual, legal entity, group, or any other body that is registered in countries or areas and is listed on a verified list (UN Al-Qaeda list and UN Taliban list) pursuant to Sanction Ordinance 2006 (AB 2007, no. 24), or on the lists designated by the Head of the Hotline.
  3. A wire transfer superior or equivalent to 500,000 Afl
  4. A cash transaction superior or equivalent to 25,000 Afl
  5. If the entity is a casino a cash transaction superior or equivalent to 5,000 Afl

Subjective indicators

  1. A transaction that raises the possibility that it is linked to money laundering.
  2. A transaction that raises the possibility that it is linked to terrorism financing.

In the case of an unusual transaction report the entity must detail:

  1. The identity of the client
  2. The nature and number of the identity document of the client
  3. The nature, time and place of the transaction
  4. The amount and destination and origin of the funds involved in the transaction
  5. The circumstances which indicate the transaction is unusual.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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