Purpose
Capture the October 2023 CBCS Updated Policy Rule on the Violation of Anti-Money Laundering, Financing of Terrorism and Proliferation legislation and the associated Provisions & Guidelines. This policy rule defines the enforcement framework and penalty scheme that CBCS applies when supervised institutions violate AML/CFT/CPF obligations.
Authority
- Publisher: Centrale Bank van Curaçao en Sint Maarten (CBCS)
- Citation: Updated Policy Rule on the Violation of AML/CFT/CPF Legislation and Provisions & Guidelines
- Date: October 2023
- Type: CBCS Policy Rule
- Language: English / Dutch
- Official URL: https://www.centralbank.cw/storage/app/media/aml/20231129_policy_rule_on_the_violation_of_anti_money_laudering_legislation_and_provisions_and_guidelines_october_2023.pdf
- Authority level: CBCS policy rule — enforcement context applicable to all NOIS/NORUT-supervised institutions
- Applicability to Bitkaya: applicable as a VASP supervised under NOIS/LID and NORUT/MOT
Related Subordinate Regulations
- PB 2023 nr. 6 — Landsbesluit dwangsommen en bestuurlijke boetes dienstverleners 2022: sets administrative fines and penalty amounts (up to NAF 500,000) for violations of NOIS/LID identification requirements by service providers. URL: https://www.centralbank.cw/storage/app/media/ifs/20230126_lb_dwangsom_en_bestuurlboetess_dienstverleners_2022.pdf
- This penalty decree defines the specific financial consequences of non-compliance with NOIS/LID identification requirements and is referenced by the enforcement policy rule.
Summary
In October 2023, the CBCS published an Updated Policy Rule on the Violation of Anti-Money Laundering, Financing of Terrorism and Proliferation legislation and the associated Provisions & Guidelines. This policy rule sets out the enforcement framework and penalty scheme that CBCS applies when supervised institutions violate AML/CFT/CPF obligations under the national ordinances (NORUT, NOIS) and the CBCS Provisions & Guidelines.
The policy rule defines categories of violations, the gradation of sanctions (from warnings to fines to license revocation), aggravating and mitigating factors, and the procedural framework for enforcement actions. It applies to all institutions supervised under the NOIS/LID and NORUT/MOT frameworks, which includes VASPs since their integration into these regimes in 2024.
This document is relevant to Bitkaya as it defines the enforcement consequences for non-compliance with AML/CFT/CPF obligations. The penalty amounts for NOIS/LID violations are specified in PB 2023 nr. 6 (up to NAF 500,000).
Relevant Provisions
- Defines violation categories and enforcement consequences for AML/CFT/CPF non-compliance
- Establishes penalty gradation: warnings, fines, license suspension/revocation
- Identifies aggravating and mitigating factors in enforcement decisions
- Applies to all NOIS/NORUT-supervised institutions including VASPs
- Procedural framework for enforcement actions and appeals
- References the CFATF mutual evaluation context for enforcement expectations
- PB 2023 nr. 6 specifies administrative fine amounts (up to NAF 500,000) for NOIS/LID violations
Relationships
- Implementing policy: POL-REG-001 Regulatory Reporting and Communication Manual
- Related audit policy: POL-ICA-001 Internal Controls and Audit Manual
- Related LID source: SRC-LID-001 Landsverordening identificatie bij dienstverlening (PB 2023 nr. 6 is a subordinate regulation under NOIS/LID)
- Related MOT source: SRC-MOT-001 Landsverordening melding ongebruikelijke transacties
Assurance
- Official CBCS URL verified: yes
- Policy rule reviewed: yes
- Penalty framework (PB 2023 nr. 6) reviewed: yes
- Applicability confirmed: applicable to Bitkaya as enforcement context for existing AML/CFT/CPF obligations
- No new operational requirements imposed — enforcement context only
History
- 2026-07-29: Created source object for the October 2023 Policy Rule on AML/CFT/CPF Violations (CHG-RES-004). Added PB 2023 nr. 6 penalty framework reference (CHG-RES-005).