CBCS Guidance & Circulaire on Systematic AML/CFT/CFP Risk Assessment (SARA) — Curaçao

Purpose

Capture the CBCS Guidance Paper on the Systematic AML/CFT/CFP Risk Assessment (SARA) for Curaçao and the September 2023 Circulaire that makes SARA mandatory for all NOIS/LID-supervised institutions, including VASPs.

Authority

• Publisher: Centrale Bank van Curaçao en Sint Maarten (CBCS)
• Source 1: CBCS Guidance on the Systematic AML/CFT/CFP Risk Assessment (Curaçao, June 2023)
  • URL: https://www.centralbank.cw/storage/app/media/aml/20240216_cbcs_guidance_on_the_systematic_amlcftcfp_risk_assessment_june_2023_curacao.pdf
  • Date: June 2023
  • Type: CBCS Guidance Paper
• Source 2: Circulaire Systematic AML/CFT/CFP Risk Assessment (SARA) (Curaçao, September 2023)
  • URL: https://www.centralbank.cw/storage/app/media/aml/20230912_circulaire_systematic_aml_cft_cfp_risk_assessment_sara.pdf
  • Date: September 2023
  • Type: CBCS Circulaire (mandatory supervisory instrument)
• Authority level: CBCS supervisory guidance + mandatory circulaire
• Language: English / Dutch
• Applicability to Bitkaya: applicable as a VASP subject to NOIS/LID

Summary

In June 2023, the CBCS published a Guidance Paper on the Systematic AML/CFT/CFP Risk Assessment (SARA) for Curaçao. The SARA guidance establishes a structured methodology for supervised institutions to identify, assess, monitor, manage, and mitigate money laundering, terrorist financing, and proliferation financing risks. The guidance covers the systematic process, responsible staff roles, steps to be taken (identifying risks, assessing inherent risks, evaluating controls, determining residual risk), and documentation requirements.

In September 2023, the CBCS issued a Circulaire formally requiring supervised institutions subject to the NOIS/LID to conduct a systematic AML/CFT/CFP risk assessment in accordance with the SARA guidance. The circulaire mandates that institutions complete and maintain a SARA as part of their AML/CFT/CPF compliance framework, and provides an example/template (the SARA template Excel file) to assist institutions.

These documents are directly applicable to Bitkaya as a VASP subject to NOIS/LID.

Currentness and Operational Status

The SARA obligation is already operationally satisfied. POL-AML-001 AML CTF CPF Compliance Manual states (line 338): “Bitkaya performs the Systematic AML/CTF/CPF Risk Assessment (SARA) at least annually and upon material trigger events.” POL-RMF-001 Risk Management Framework Manual Section 4.1 already includes an enterprise-wide risk assessment with structured methodology.

Existing operational evidence: SARA EWRA artifact at 09 Publications/Artifacts/Bitkaya SARA EWRA 2026.xlsx (3 sheets: EWRA SARA, Client SARA, Control Testing).

The existing PROC-RMF-002 (Assess Enterprise Operational and Event Risk) and CTRL-RMF-002 (Ensure Risk Assessments Are Complete and Current) already cover systematic risk assessment. A cross-reference to SRC-SARA-001 in PROC-RMF-002 is sufficient.

Relevant Provisions

• Conduct a systematic AML/CFT/CFP risk assessment (SARA) using the CBCS methodology
• Identify, assess, monitor, manage, and mitigate ML/TF/PF risks
• Document the systematic process, responsible staff, and steps taken
• Assess inherent risks, evaluate existing controls, and determine residual risk
• Maintain the SARA as a living document, updated as risks evolve
• Use the CBCS-provided SARA template/example as a reference structure
• The circulaire makes SARA mandatory for all NOIS-supervised institutions, including VASPs

Relationships

• Implementing policy: POL-RMF-001 Risk Management Framework Manual
• AML policy: POL-AML-001 AML CTF CPF Compliance Manual
• Related process: PRC-RSA-001 Resilience Systems and Assurance
• Related procedure: PROC-RMF-002 Assess Enterprise Operational and Event Risk
• Related control: CTRL-RMF-002 Ensure Risk Assessments Are Complete and Current
• Operational evidence: 09 Publications/Artifacts/Bitkaya SARA EWRA 2026.xlsx

Assurance

• Official CBCS URLs verified: yes
• Guidance Paper reviewed: yes
• Circulaire reviewed: yes
• Operational implementation confirmed: yes — SARA performed annually per POL-AML-001
• SARA artifact exists: yes — Bitkaya SARA EWRA 2026.xlsx
• Applicability confirmed: applicable to Bitkaya as a VASP subject to NOIS/LID

History

• 2026-07-29: Created source object for CBCS SARA Guidance and Circulaire (CHG-RES-002). SARA obligation already operationally implemented via POL-AML-001 and POL-RMF-001.