Financial Crime World

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Financial Institutions in Aruba Look to Compliance Management Systems for AML/CT Guidance

Financial institutions in Aruba are turning to compliance management systems to ensure they meet Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) requirements. As part of this effort, industry players are seeking expert guidance on business risk assessments, customer risk assessments, AML/CFT frameworks, strategies, policies, procedures, and more.

Regulatory Guidelines

According to regulatory guidelines, financial institutions must conduct a thorough Business Risk Assessment to identify potential risks and develop strategies to mitigate them. This includes assessing:

  • Corporate structure
  • Service delivery channels
  • Client relationships
  • Transaction types

Customer Risk Assessments

To ensure compliance, institutions are also undergoing Customer Risk Assessments, which involve ranking clients as low, medium, or high-risk based on factors such as:

  • Type of client
  • Transaction history
  • Relationship with non-qualified AML/CFT countries

Designing and Implementing Effective AML/CFT Frameworks

In addition to these assessments, financial institutions are seeking guidance on designing and implementing effective AML/CFT frameworks that meet statutory requirements. This includes:

  • Conducting gap analyses to identify areas for improvement
  • Developing comprehensive policies and procedures

Compliance Management Systems Providers

To support this effort, compliance management systems providers are offering a range of services, including:

  • Risk-based approach customer due diligence
  • AML/CFT functional monitoring
  • Training programs
  • Remedial services

“We understand the importance of staying compliant with AML/CFT regulations,” said Shelby Maduro, Director Advisory at AW. “That’s why we’re committed to providing expert guidance and support to financial institutions in Aruba.”

Contact Information

For more information on compliance management systems for financial institutions in Aruba, contact AW at: