Aruba Money Transfer Business_Guideline
Aruba Money Transfer License The Central Bank of Aruba supervises money transfer companies by virtue of the State Ordinance Supervision Money Transfer Companies, which is primarily focused on maintaining a high level of integrity of the financial system Permitted Activities
- Money transmission services;
- Cashing cheques which are made payable to customers and guaranteeing cheques;
- Issuing, selling or redeeming drafts, money orders or traveller’s cheques for cash;
- Payment service business;
- Operating a bureau de change whereby cash in one currency is exchanged for cash in another currency.
|Entity Requirements||The entity making the application is a Company under the Companies Act. These include:-
|Director’s Requirements||The applicant must have two directors with one being at least a resident|
|Compliance Officer||The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.|
|Local Office||The applicant must have premises acceptable to the Central Bank of Aruba. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.|
|Auditor||The licensee shall appoint annually an auditor who shall be a chartered accountant, a certified public accountant or some other professionally qualified accountant, satisfactory to the Authority.|
|Insurance||The applicant will need to have indemnity insurance coverage or a fidelity bond acceptable to the CBA.|
|Minimum Capital Requirements|
- Licenses are to be renewed annually after the date of registration.
- Filing of Audited Accounts
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s business
- Company formations and Administration
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- Trusts and Foundations setup and administration
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- Banking Licenses and PSP, E-Money, E- Wallet Licenses
- Yacht and aircraft registrations.
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- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
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