Aruba Tightens Fintech Anti-Money Laundering Regulations to Combat Financial Crimes

The Aruban government has taken a significant step in combating financial crimes by implementing stringent anti-money laundering (AML) regulations for the fintech industry. The new framework is designed to prevent money laundering and terrorist financing, ensuring that the country’s financial system remains stable and secure.

Key Provisions of the AML/CFT Framework

The State Ordinance on the Prevention and Combating Money Laundering and Terrorist Financing outlines the key provisions for fintech companies. These provisions include:

Conducting customer due diligence
Reporting unusual transactions
Maintaining accurate records
Complying with strict supervision and enforcement measures

Scope of the Regulation

The regulation applies to designated non-financial service providers, including:

Lawyers
Notaries
Tax advisors
Accountants
Jewelers
High-value dealers
Casinos
Investment brokers
Factoring companies
Leasing companies

These entities must register with the Central Bank of Aruba (CBA) and adhere to the AML/CFT State Ordinance’s requirements.

Additional Guidance

The CBA has published an AML/CFT Handbook for financial and trust services businesses under its regulation. The handbook provides:

Statutory requirements set out in the AML/CFT State Ordinance
Mandatory directives from the CBA regarding the application of the ordinance (regulatory requirements)
Practical tips on how to comply with these regulations (guidance notes)

Significance for Aruba’s Fintech Sector

The new AML/CFT framework is a significant development for Aruba’s fintech sector, as it demonstrates the government’s commitment to maintaining a secure and reliable financial system. By implementing robust regulations, the country aims to prevent money laundering and terrorist financing, while also supporting the growth of its fintech industry.

Learn More

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