Compliance / Customer Due Diligence

AML/CFT State Ordinance

The AML/CFT State Ordinance for the Prevention of Money Laundering and  and Combating of Terrorism Financing came into force on June 1st 2011.

The purpose for the AML/CFT State Ordinance is to establish regulations to protect financial institutions and designated non-financial service providers from criminal activity with regard to money laundering and terrorism financing.

Client Due Diligence

Pursuant to the AML/CFT State Ordinance, a civil-law notary must always establish the identity of a potential client, prior to entering a business relationship.

Therefore all (prospective) clients must provide a valid and original proof of identity to the office of the civil-lay notary. All non-residents must have their passport and driver license notarized by a civil-lay notary or a notary public.

The identity of a legal entity can be verified based on an original extract from the Chamber of Commerce or Competent Authority. Natural persons with an interest of 25% or more in the legal entity must have their identity verified by the civil-law notary. These persons are to be referred as UBO’s or Ultimate Beneficial Owners.

Duty to report

The civil-law notary has an obligation to report any unusual transactions that may be related to money laundering or terrorist financing to the FIU-Aruba.

Origin of funds

The civil-law notary has an obligation to investigate and monitor the origin of funds. Prior to funds being deposited in the escrow-account of the notary, the client must facilitate the civil-law notary with all relevant documentation regarding the source of the funds.