Money Transfer Company 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.
These admission requirements are issued on the basis of article 5 of the National Ordinance on the Supervision of Money Transfer Companies 2014 (N.G. 2014, no. 86) (hereinafter referred to as the National Ordinance).
The assessment of the application for admission will also be based on other provisions and guidelines issued by the Centrale Bank van Curaçao en Sint Maarten (hereinafter referred to as the CBCS).
Additional information, not mentioned in this document, may be requested for the adequate assessment of the application.
Money transfer companies (‘MTC’) are entities established in Curaçao and supervised by the CBCS pursuant to the aforementioned National Ordinance.
In principle, the CBCS admits an MTC only if the entity contributes to a sound development of the financial sector in general and the foreign exchange system of Curaçao in particular.
The applicant must pay a fee of NAf. 10,000.00 in order for the CBCS to take its request into consideration.This application fee will not be refunded if the request for an MTC license should be rejected.
In order for an applicant to qualify for a license as meant in the National Ordinance, it must meet the following requirements:
Management / Supervision of Management
- An MTC must have a Board of Managing Directors consisting of at least two (2) members and a Board of Supervisory Directors consisting of at least three (3) members being natural persons.
- The Managing and Supervisory Directors must be of high personal integrity and sufficiently experienced to manage and control the affairs of the MTC.
- 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.
- The objectives or antecedents of aforementioned persons must not endanger a sound and reputable financial sector or the interests of the (prospective) clients of the MTC.
- The appointment of the Managing and Supervisory Directors is subject to the prior written approval of the CBCS.
Shareholders and (other) (co-) policy makers
- 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 CBCS.
- The objectives or antecedents of aforementioned persons must not endanger a sound and reputable financial sector, the monetary policy or the foreign exchange system.
- The shareholders and UBOs, being natural persons, must always be known to the CBCS.
- Any transfer of shares is subject to the CBCS’s prior written approval.
- An MTC must have a free and unencumbered equity capital of at least NAf. 100,000.00 to its disposal.
- The applicant must provide the CBCS 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.
Financial Position Parent Company, head office and natural persons
- The financial statements of the last three (3) years of the MTC’s parent company or head office should reflect an unqualified opinion.
- The net worth of the last three (3) years of the shareholders being natural persons.
Business Plan, System of Internal Control and Insurance
The applicant must submit:
- A business plan including financial forecasts for the coming three (3) years reflecting a sound and realistic projection of the activities, which it will undertake to accomplish its statutory objectives.
- An overview of the internal control system, by means of an adequate segregation of duties within the key business operations and the administrative, accounting and management information procedures to safeguard compliance to internal policies and procedures and laws and regulations, as well as safeguarding the funds of its clients. In particular, controls related to compliance with Anti-Money Laundering and Counter Terrorist Financing (‘AML/CFT’) laws, rules and regulations (including amongst other the National Ordinance on the Reporting of Unusual Transactions (N.G. 2010, no. 41), the National Ordinance on Identification of Clients when Rendering Services (N.G. 2010, no. 40), the FATF Recommendations and the Provisions and Guidelines on the Detection and Deterrence of Money Laundering and Terrorist Financing for Money Transfer Companies issued by the CBCS).
- An insurance policy covering unexpected losses caused amongst others by theft, fire and other calamities.
Scope of Activities
The articles of incorporation must include provisions that:
- The money transfer service can be rendered to the public through any agent or subagent only after having obtained the CBCS’s prior written approval.
- The money transfer service is limited only to natural persons.
- Prevent the MTC to exercise activities outside its scope of activities and thus might pose a danger to a sound and reputable financial sector, the monetary policy or the foreign exchange system.
An MTC must be a limited liability company or a private limited company ("NV or BV) or have a legal form comparable to the aforementioned.
Correspondent Relationship (representative abroad)
The MTC must provide the CBCS with a list of the names of its (foreign) correspondent companies / representatives.
When applying the following procedures must be adhered to:
- Together with the formal request, the CBCS must receive an application, by registered mail, for a license under the terms of article 4 of the National Ordinance on the Supervision of Money Transfer Companies 2014 (N.G. 2014, no. 86). For all applications an Application Form for Money Transfer Companies must be submitted to the CBCS.
- The application is considered to have been filed when payment of the application fee of NAf. 10,000.00 and the following correct and complete information has been received by the CBCS:
- The duly completed Application Form for Money Transfer Companies.
- The duly completed personal questionnaires and resumes of experience of all candidate Managing and Supervisory Directors, as well as the shareholders and UBOs being natural persons and exercising a considerable influence on the affairs of the applicant, and (other) (co-) policy makers.
- The Declaration of Good Conduct ("Verklaring van Goed Gedrag") of all aforementioned persons who reside and/or have resided abroad. Such declaration may be obtained from the official authority of the relevant country. (Reference is made to the personal questionnaire and Declaration-of-no-objection for more information).
- A duly signed statement of a Certified Public Accountant certifying that the applicant has at its disposal a free and unencumbered equity capital of at least NAf. 100,000.00.
- A guarantee of a local bank up to the amount of NAf. 50,000.00.
- The three (3) most recent audited financial statements of the applicant, if it is an existing company, or a statement from an external auditor regarding the initial equity of the applicant at the date of the request.
- The financial statements of the last three (3) years of the parent company/head office. In case of shareholders being natural persons, a statement of the net worth of the last three (3) years.
- A business plan including, among others, an overview of the internal control system (written procedures and measures for a sound business operation) and an insurance policy.
- A copy of the articles of incorporation of the applicant.
- A list of the names of the (foreign) correspondent institutions / representatives.
- The Extract of the Chamber of Commerce and Industry of Curaçao.
- A copy of the shareholders’ register of the applicant.
- The internal organizational structure of the applicant.
- The group structure of the applicant. If a company belonging to the group is supervised by another supervisory authority, also include the name of this authority.
1) Considerable influence is defined as a direct and an indirect holding of 10% or more of the nominal capital of the institution (financial interest equal to or exceeding 10%), also to exercise directly or indirectly the voting rights in the enterprise or institution equal to or exceeding 10% (controlling interest equal to or exceeding 10%).