WILLEMSTAD/PHILIPSBURG:--- The Centrale Bank van Curaçao en Sint Maarten (CBCS) urges all virtual asset service providers, payment service providers, and electronic money institutions offering their services in or from Curaçao to register with the CBCS by July 9, 2024. In anticipation of corresponding legislation in Sint Maarten, similar institutions offering their services in or from Sint Maarten are also requested to register with the CBCS.
To remain in compliance with the international standards and recommendations of the Financial Action Task Force (FATF), as of May 16, 2024, Curaçao has amended its National Ordinance on Identification when Rendering Services (Landsverordening Identificatie bij Dienstverlening, or LID) and National Ordinance on the Reporting of Unusual Transactions (Landsverordening Melding Ongebruikelijke Transacties, or MOT). Both ordinances1 have been supplemented in Article 1 (point b. of the LID and point a. of the MOT) with subparagraphs 27° to 29°, providing that as of May 16, virtual asset service providers, payment service providers, and electronic money institutions must also comply with the LID and MOT.
The amended legislation makes registration with the CBCS mandatory in the context of supervision and combating money laundering and terrorism financing (AML/CFT). By registering, institutions contribute to the safety and security of our financial system.
The CBCS emphasizes the need for compliance with the requirements outlined in the LID and the MOT. Failure to meet these requirements may result in legal consequences for the institution and lead to sanctions.
Similarly, the legislation still needs to be adjusted for similar institutions offering their services in or from Sint Maarten.
To complete your registration, please use the registration form available on our website: https://www.centralbank.cw/application-forms/application-forms-supervised-institutions/virtual-asset-service-providers-payment-service-providers-and-electronic-money-institutions.
Willemstad, June 25, 2024
CENTRALE BANK VAN CURAÇAO EN SINT MAARTEN
https://cdn.centralbank.cw/media/aml/20240613_41_lv_bestrijding_witwassen_terrorisme_en_proliferatie_1.pdf
