Financial Crime World

Aruba’s Financial Institutions Must Comply with AML/CFT Regulations: Experts Weigh In

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As Aruba’s financial sector continues to grow, regulatory bodies are placing increasing emphasis on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance. To avoid costly penalties and reputational damage, local financial institutions must invest in robust AML/CFT programs.

Effective AML/CFT Compliance

According to experts at Arthur William & Co., a leading advisory firm, effective AML/CFT compliance requires a multifaceted approach that includes:

  • Business risk assessments
  • Customer due diligence
  • Ongoing training for employees

“Our team has extensive experience in helping Aruba’s financial institutions navigate the complex regulatory landscape,” said Shelby Maduro, Director Advisory.

Services Offered by Arthur William & Co.

The firm offers a range of AML/CFT services, including:

  • Business risk assessments
  • Customer risk assessments
  • AML/CFT framework design and policy development
  • Gap analyses to identify areas for improvement
  • Tailored training programs to ensure that employees are equipped to identify and report suspicious transactions

Functional Monitoring Service

In addition, the firm’s AML/CFT functional monitoring service helps institutions assess their compliance with regulatory requirements and identify potential vulnerabilities. “We understand the importance of staying ahead of regulatory changes and ensuring that our clients’ AML/CFT programs are robust and effective,” said Licenne Boekhoudt, Senior Consultant Advisory and MLRO.

Why Compliance Matters

With the threat of sanctions and penalties looming large, Aruba’s financial institutions must take proactive steps to ensure compliance with AML/CFT regulations. By partnering with Arthur William & Co., institutions can rest assured that they are meeting regulatory requirements while also protecting their reputation and bottom line.

Contact Information

For more information on how to achieve AML/CFT compliance in Aruba, contact: