Mandatory Registration with CBCS for online Payment Services…
WILLEMSTAD/PHILIPSBURG – The Central Bank of Curaçao and Sint Maarten (CBCS) urges all virtual asset service providers, payment service providers, and electronic money institutions that are offering their services in or from Curaçao, to register with the CBCS by July 9, 2024. In anticipation of said corresponding legislation in Sint Maarten, similar institutions offering their services in or out of 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 ordinances 1(one) 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 means of registering, these 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 institutions 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, you are advised to use the registration form available on their website:
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