Aruba’s AML/CTF supervisors
FIU Aruba, an independent government agency founded in 1996, is the primary regulatory body for AML/CTF in Aruba. The primary goal of the FIU Aruba is to collect, process, and analyse data to determine whether money laundering and terrorism financing can be identified and prevented.
How do you comply with AML/CTF regulations in Aruba?
The Financial Action Task Force's 40 Recommendations to Combat Money Laundering, Terrorist Financing, and Proliferation serves as the foundation for the Aruban AML/CTF system.
Financial or designated non-financial service providers must comply with the following requirements of the State Ordinance for the Prevention and Combating of Money Laundering and Terrorist Financing (AML/CFT State Ordinance).
When a business relationship or transaction has a higher risk of money laundering or terrorism financing due to its nature, conduct customer due diligence (CDD) or enhanced customer due diligence
Inform about strange transactions
Observe the AML/CFT State Ordinance
** Aruba is on the FATF List of Countries that have been identified as having strategic AML deficiencies.
What are my AML/CTF reporting obligations?
An unusual transaction that has been executed or planned must be reported to the FIU as soon as the service provider learns of the unusual nature of the transaction. A transaction's irregularity can be detected by either objective or subjective measures.
A transaction that was reported to the police or ministry of justice
Any transaction made by or on behalf of a person, legal entity, group, or other organisation that is registered in a nation or region and is listed on a verified list (the UN Taliban and Al-Qaeda lists) in accordance with the Sanctions Ordinance 2006 (AB 2007, no. 24), or on the lists chosen by the Head of the Hotline
A wire transfer that is greater than or equal to 500,000 Afl
A cash transaction that is greater than or equal to 25,000 Afl
A cash transaction greater than or equal to 5,000 Afl if the entity is a casino
A transaction that could potentially be related to money laundering
A transaction that could potentially be related to terrorism financing
An unusual transaction report must include the following information:
The client's identity
The type and number of the client's identity document
The type, timing, and location of the transaction
The sum, the place of origin, and the source of the funds used in the transaction
Circumstances that suggest the transaction is unusual