Mandatory Registration for Virtual Asset Service Providers, Payment Service  Providers and Electronic Money Institutions  

1508

 

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. 

For similar institutions offering their services in or from Sint Maarten, corresponding adjustments  to the legislation are still pending. 

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.