Aruba’s Financial Crime Regulators in Spotlight as Anti-Money Laundering Efforts Intensify

The Central Bank of Aruba (CBA) is playing a crucial role in safeguarding the island nation’s financial system from illicit activities as authorities globally tighten their grip on financial crime.

Maintaining Soundness and Integrity

As the primary supervisor of Aruba’s financial sector, the CBA exercises sole authority over credit institutions, insurance companies, company pension funds, money transfer companies, and trust service providers. These critical sectors require close monitoring to prevent financial crime.

Scope of Supervision

The CBA’s scope of supervision extends beyond traditional credit institutions to include:

• Life insurance companies
• Money transfer firms
• Trust service providers
• Non-regulated financial service providers:
  • Insurance brokers
  • Investment brokers
  • Factoring and leasing companies
• Designated non-financial service providers:
  • Lawyers
  • Civil notaries
  • Tax advisors
  • Accountants
  • Jewelers
  • High-value dealers
  • Casinos

Transparency and Accountability

To ensure transparency, the CBA maintains public registers of entities under its supervision. This move aims to:

• Hold financial institutions accountable for their actions
• Provide stakeholders with valuable insights into Aruba’s financial landscape

As Aruba continues to bolster its defenses against financial crime, the CBA remains at the forefront of efforts to protect depositors, policyholders, and other creditors from fraudulent activities.

By exercising sole supervisory authority over Aruba’s financial sector, the CBA is crucial in safeguarding the island nation’s financial system from illicit activities. Its efforts to maintain transparency and accountability will continue to play a vital role in protecting stakeholders and preventing financial crime.