Curacao Money Transfer Business_Guideline
Curacao Money Transfer Business License
Money transfer companies (‘MTC’) are entities established in Curaçao and supervised by the Centrale Bank pursuant to the aforementioned National Ordinance.
Money Transfer Company (MTC) is each person (natural and legal) executing a money transfer request of a third party on a professional or commercial basis, or involved in the realization of the money transfer on a professional or commercial basis.
- 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 Curacao Company under the Companies Act.|
A MTC must have a Board of Managing Directors and a Board of Supervisory Directors consisting of at least three (3) members being natural persons.
At all times at least two (2) Managing Directors must be in function and be a resident of Curaçao or Sint Maarten.
At all times at least one (1) Supervisory Director must be a resident of Curaçao or Sint Maarten.
Managing Directors shall not be Supervisory Directors and vice versa.
A MTC must have a Board of Managing Directors consisting of at least two (2) members
All shareholders and ultimate beneficial owners (‘UBOs’) must be of high (personal) integrity. The shareholders or UBOs exercising a considerable influence 1) on the affairs of the MTC by means of voting rights derived from shares, or in any comparable manner (qualifying interest), are subject to the prior written approval of the Central Bank.
|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 Curacao & St Marteen. 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 Monetary Authority.|
|Minimum Capital Requirements||
A MTC must have a free and unencumbered equity capital of at least NAf. 100,000.00 to its disposal.
The applicant must provide the Central Bank with a guarantee of a local bank, stating that the bank will pay up to the amount of NAf. 50,000.00 for claims against the MTC from the customers or any other liability holders of the MTC.
- Filing of Audited Accounts: A licensee shall within three (3) months of the end of the financial year forward the audited financial statements to the Commission, unless prior written approval for an extension has been granted by the Commission.
- 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 securities business.
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The Valsen Advantage
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- 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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