The Supervision & Enforcement division is fully committed to maintaining confidence in Aruba’s financial system through robust and proactive supervision of the financial soundness and integrity of institutions under CBA’s supervision, and enforces measures when necessary. Additionally, this division also contributes to the regulation of international payments through the execution of the State Ordinance Foreign Exchange Transactions. Finally, this division advises the organization on all matters that may have legal implications.
The division comprises of the following departments.
Prudential Supervision Banks (PSB)
The PSB department continuously monitors the financial soundness of the institutions supervised by the CBA, and assesses on an ongoing basis compliance with the State Ordinance on the Supervision of the Credit System (SOSCS), mainly through continuing offsite surveillance of and regular onsite examinations at the supervised financial institutions.
Prudential Supervision Banks (PSB)
The PSB department continuously monitors the financial soundness of the institutions supervised by the CBA, and assesses on an ongoing basis compliance with the State Ordinance on the Supervision of the Credit System (SOSCS), mainly through continuing offsite surveillance of and regular onsite examinations at the supervised financial institutions.
Integrity Supervision
The Integrity Supervision department is a key pillar of the CBA’s efforts to maintain confidence in the financial system and assesses on an ongoing basis compliance with the AML/CFT laws and regulations, the State Ordinance on the Supervision of Money Transfer Companies (SOSMTC), the State Ordinance on the Supervision of Trust Service Providers (SOSTSP), and the State Decree on the Supervision of Insurance Brokers (SDSIB). This is done through ongoing offsite surveillance and regular onsite examinations at the supervised financial institutions and the so-called designated non-financial businesses and professions (DNFBPs).
Integrity Supervision
The Integrity Supervision department is a key pillar of the CBA’s efforts to maintain confidence in the financial system and assesses on an ongoing basis compliance with the AML/CFT laws and regulations, the State Ordinance on the Supervision of Money Transfer Companies (SOSMTC), the State Ordinance on the Supervision of Trust Service Providers (SOSTSP), and the State Decree on the Supervision of Insurance Brokers (SDSIB). This is done through ongoing offsite surveillance and regular onsite examinations at the supervised financial institutions and the so-called designated non-financial businesses and professions (DNFBPs).
Prudential Supervision Insurance Companies, Pension Funds & Investments Institutions (PSIPI)
The PSIPI department keeps track of the financial soundness of institutions supervised by the CBA, and evaluates on an ongoing basis compliance with the State Ordinance on the Supervision of the Insurance Business (SOSIB), the State Ordinance on Company Pension Funds (SOCPF), the State Decree on Captive Insurance Companies (SDCIC), and the State Ordinance on the Supervision of the Securities Business (SOSSB), primarily via continuing offsite surveillance of and regular onsite examinations at the supervised financial institutions.
Prudential Supervision Insurance Companies, Pension Funds & Investments Institutions (PSIPI)
The PSIPI department keeps track of the financial soundness of institutions supervised by the CBA, and evaluates on an ongoing basis compliance with the State Ordinance on the Supervision of the Insurance Business (SOSIB), the State Ordinance on Company Pension Funds (SOCPF), the State Decree on Captive Insurance Companies (SDCIC), and the State Ordinance on the Supervision of the Securities Business (SOSSB), primarily via continuing offsite surveillance of and regular onsite examinations at the supervised financial institutions.
Enforcement Market Entry & Legal Advisory
The Enforcement Market Entry & Legal Advisory department advises on enforcement measures, the assessment of applications for a license and an exemption or a registration, and advises the management on supervisory policy matters.
Enforcement Market Entry & Legal Advisory
The Enforcement Market Entry & Legal Advisory department advises on enforcement measures, the assessment of applications for a license and an exemption or a registration, and advises the management on supervisory policy matters.
Legal Services
The Legal Services department processes applications for foreign exchange licenses, profit and dividend declarations or exemptions ex article 19 of the State Ordinance Foreign Exchange Transactions; drafts legislative proposals for laws and regulations concerning the CBA; provides legal advice to all CBA departments including management; and advises on and coordinates legal cases initiated against the CBA.
Legal Services
The Legal Services department processes the applications for foreign exchange licenses, profit and dividend declarations or exemptions ex article 19 of the State Ordinance Foreign Exchange Transactions; drafts legislative proposals for laws and regulations concerning the CBA; provides legal advice to all CBA departments including management; and advises on, and coordinates legal cases initiated against the CBA.
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