PHILIPSBURG--The Central Bank of Curaçao and St. Maarten (CBCS) on Tuesday urged 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.
CBCS said in anticipation of corresponding legislation in St. Maarten, similar institutions offering their services in or from St. 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, 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 ordinances 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.
CBCS said in a press release that 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 emphasized 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, CBCS said.
For similar institutions offering their services in or from St. Maarten, corresponding adjustments to the legislation are still pending.
Registration can be completed by going to the registration form available on CBCS’ website https://www.centralbank.cw/application-forms/application-forms-supervisedinstitutions/virtual-asset-service-providers-payment-service-providers-and-electronic-moneyinstitutions.
