The government of Curaçao has published the full text (doorlopende tekst) of the National Ordinance “reporting unusual transactions”.
Please find below some highlights of this N.O. and click here for the full text of the N.O. (report in Dutch)
If you need more info, please do not hesitate to contact us.
Highlights of the changes to the law:
- With the change of this law new sectors have been put under the supervision of the FIU and are now obliged to report unusual transactions to the FIU. For example: Traders in construction and building materials;
- The head of the FIU controls the FIU database;
- An advisory commission has been established on reporting;
- Supervisory authorities can exchange information (national and international);
- An enhanced regulatory sanctions regime has been introduced;
- Definition of ‘ a transaction’: transaction is an act or combination of actions by or on behalf of the client, of which the service provider has taken notice of this service within the framework of its services.
Changed indicators by sector:
- Simplified and more unified;
- Lower threshold in general for objective indicators;
- Delay in wire transfer indicator for banks/ internet banks;
- Just one subjective indicator: The law leaves the decision to report to the financial institution which, based on its specific knowledge of its clients and its general experience in the branch concerned, should determine whether under the circumstances the transaction should be reported.
Secrecy clauses and prohibition of tipping off
- Pursuant to articles 20 and 21, a reporting institution who performs a task under this National Ordinance shall be bound to secrecy;
- The reporting institution may not warn customers when information about them is being reported;
- The penalty is 4 years’ imprisonment and/or ANG 500,000.00
Indemnity
- Civil Indemnity: the reporting institution that made the report or provided information to the FIU shall not be liable in respect of damage or loss resulted by a customer or third party unless such damage or loss was the result of willful acting or gross negligence of the reporting institution (art 15);
- Penal Indemnity: also for the personnel of the reporting institution the one who made the report or provided the information and the representatives of the reporting institution (art 14).