ARUBA BANKING AUTHORITY ISSUES PUBLIC WARNINGS TO PROTECT CONSUMERS FROM FRAUD

The Central Bank of Aruba (CBA) has taken a proactive step to safeguard the interests of Aruban consumers by issuing public warnings in response to violations of banking regulations aimed at preventing fraud. These warnings are issued in accordance with Article 35k of the State Ordinance on the Supervision of the Credit System and other relevant laws.

Guiding Principles

The CBA’s decision to issue public warnings is guided by its general duty of care under Article 6:162 of the Aruban Civil Code. This duty requires the authority to warn consumers against fraudulent and illegal practices that could potentially harm them.

Public Warnings

The warnings are disseminated through press releases and published on the CBA’s official website, ensuring that consumers have access to this important information. By issuing public warnings, the authority aims to:

• Raise awareness among consumers about potential risks
• Promote a culture of caution when dealing with financial institutions and services

Protecting Consumers

The move is seen as a proactive measure by the CBA to protect Aruban consumers from falling victim to fraudulent schemes and other illicit activities in the financial sector. By issuing public warnings, the authority aims to prevent consumers from being duped into participating in fraudulent activities or unknowingly exposing themselves to financial risks.

Conclusion

In conclusion, the Central Bank of Aruba’s decision to issue public warnings is a significant step towards protecting the interests of Aruban consumers and promoting a culture of caution in the financial sector. By staying informed about potential risks and being proactive in their dealings with financial institutions and services, consumers can significantly reduce their exposure to fraudulent activities and other illicit practices.