The Centrale Bank van Aruba (CBA) has issued a revised version of its Handbook for the prevention and detection of money laundering and financing of terrorism, per Jan 1, 2020.
The AML/CFT Handbook applies to all financial service providers and all designated non-financial service providers, as defined in section 1 of the AML/CFT State Ordinance.
The AML/CFT Handbook consists of:
- Statutory requirements: paraphrasing provisions in the AML/CFT State Ordinance or “LWTF” and/or other relevant legislation;
- Regulatory requirements: providing directives of the CBA regarding the application of the AML/CFT State Ordinance in accordance with section 48 of the AML/CFT State Ordinance;
- Guidance notes: presenting ways to comply with the Statutory and Regulatory requirements.
- An (overall) more risk-based-approach vis-à-vis the requirements of the AML/CFT State Ordinance;
- Detailed guidelines on (conducting) the Business Risk Assessment;
- Virtual assets risk factors;
- Risk appetite vs unacceptable risk;
- (additional) information regarding funds transfers;
- Sanctions, terrorist financing and proliferation financing;
- New requirement for having a Money laundering compliance officer who is based in Aruba;
- Politically Exposed Persons (PEPs) – different categories – which positions qualify a person as a PEP – key terms in the PEP definition – prominent public position or function – Governing bodies – International Organization – State owned etc.;
- Beneficial owner vs Control Person – Do you really know who is in control?
- Get to know the specific risk indicators per sector;
This new material sheds light on what the regulatory expectations are when it comes to the risk-based approach.
- Money Laundering Compliance Officer / Money Laundering Reporting Officer
- Compliance department personnel
- Legal department personnel
- Internal Auditors
- Risk Managers
- Other relevant staff involved with this topic
This course will help the participant ensure that their institution has updated its business risk assessment, AML/CFT Compliance Manual and delivered training to appropriate personnel, based on the changes in the AML/CFT Handbook of the CBA. The participant will also learn about assessing and mitigating risks, customer due diligence and file reviews. Through practical examples, we aim to illustrate the process of fulfilling compliance requirements. This training is highly interactive with discussions. As we will not only discuss the changes themselves but also what they could mean for your AML program and your next onsite AML examination!
There are no requirements for participation.
Duration of the training
The duration of the training is 4 hours.
AWG 445,- pp. (incl. taxes)
Costs includes: Training sheets and Certificate of participation.
Date: 6 July 2021
Time: 8:30 – 12:30
Location: This training will be held at the training center of Compliance Services Caribbean located at Caya Taratata 3-A, Unit 16 (Opposite RBC Bank Italiëstraat).