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Financial Institution Security Measures Tightened in Aruba Amidst Growing Global Concerns

In response to the increasing threat of global terrorism and human rights breaches, the government of Aruba has taken measures to strengthen financial institution security measures. The island nation has incorporated United Nations (UN) sanctions into its legislation, ensuring that local banks and financial institutions comply with international regulations.

Sanctions State Ordinance 2006

Under this ordinance, supervised institutions must remain updated on changes to freezing lists and ensure timely compliance with sanctions regulations. Failure to do so could result in severe penalties.

Targeted Entities

The ordinance targets individuals and organizations linked to terrorist groups such as Al Qaeda and the Taliban, as well as those associated with Libya. The government has also implemented a domestic list of individuals and entities subject to sanctions, established by Ministerial Decision in 2013.

Monitoring Customer Base

Financial institutions must take adequate measures to monitor their customer base for designated entities mentioned on the freezing lists. If a designated entity is found to be part of their customer base, the institution must notify the Reporting Center Unusual Transactions (MOT) and the Central Bank of Aruba (CBA) immediately.

Reporting Requirements

To facilitate compliance, the CBA has developed a prescribed reporting form for notifications. Institutions must also report any requests for services involving designated entities or transactions that may be related to sanctioned activities.

EU Sanctions Map

The EU Sanctions Map is a digital tool providing up-to-date information on current EU sanctions per country, including those applicable to Aruba. This resource enables financial institutions to stay informed and adapt their security measures accordingly.

Enhanced Security Measures

With the increasing global threat of terrorism and human rights breaches, Aruba’s enhanced financial institution security measures aim to prevent illegal activities from taking root on the island nation. By remaining vigilant and compliant with international regulations, Aruba is ensuring a secure and stable financial environment for its citizens and businesses.

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