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Credit Institutions

The CBCS's prudential supervision of credit institutions is aimed primarily at promoting the stability, integrity, efficiency, safety, and soundness of the financial system of the Countries Curaçao and Sint Maarten and safeguarding the interest of the depositors and other creditors of the credit institutions. Bank Supervision entails mainly the licensing of financially sound institutions and the performance of ongoing supervision using a risk-based-approach through both on-site and off-site supervision with emphasis on monitoring the liquidity and solvency of the credit institutions. Furthermore, the CBCS monitors, among other things, compliance by the credit institutions with regulations on the detection and deterrence of money laundering and terrorist financing and regulations on the disclosure of information to the public.
 

Definitions

Local general banks
Local general banks are credit institutions operating in Curaçao and/or Sint Maarten as universal banks in the legal form of a limited liability company and which are subject to the supervision of the Centrale Bank van Curaçao en Sint Maarten.
Admission Requirements


Subsidiaries of foreign banks
Subsidiaries of foreign banks are credit institutions operating in Curaçao and/or Sint Maarten as universal banks in the legal form of a limited liability company and which are majority-owned banks of foreign credit institutions subject to supervision of a foreign supervisory authority (i.e. supervision by the supervisory authority of the parent company).
Admission Requirements


Branches of  foreign banks
Branches of foreign banks are credit institutions operating in Curaçao and/or Sint Maarten as universal banks in the form of a legally dependent office or branch from the head office which is subject to supervision of a foreign supervisory authority (i.e. supervisory authorities of the head office). 
Admission Requirements


Credit unions
Credit unions are credit institutions operating in Curaçao and/or Sint Maarten in the legal form of a cooperative union and which have as objective to render assistance to their participants in saving and to extend loans to them.


Specialized credit institutions
Specialized credit institutions are credit institutions operating in Curaçao and/or Sint Maarten and which mainly extend one type of loans (e.g. mortgage banks, development banks and banks for consumer credit).
Admission Requirements


Savings banks
Savings banks are credit institutions operating in Curaçao and/or Sint Maarten which attract their funds mainly in the form of savings.


Savings and credit funds
Savings and credit funds are credit institutions, mostly being foundations linked to enterprises, which as primary function provide savings opportunities to their participants, whether or not in order to provide them with a retirement income or an income at the termination of the employment relationship with the enterprise in question, and which extend loans to their participants.


Consolidated international banks
Consolidated international banks are international credit institutions which are established in Curaçao and/or Sint Maarten and through their parent company, are subject to adequate consolidated supervision by a foreign supervisory authority (i.e. supervisory authority of the parent company).  
Admission Requirements


Non-consolidated international banks
Non‑consolidated international banks are international credit institutions established in Curaçao and/or Sint Maarten for which the Centrale Bank van Curaçao en Sint Maarten acts as the primary supervisory authority.
Admission Requirements


Other Institutions or Persons in the Possession of a Dispensation to Extend Credits Directly or Indirectly
Other institutions or persons in the possession of a dispensation to extend credits directly or indirectly are credit institutions/lenders with a dispensation from the prohibition in article 45 paragraph 1 of the National Ordinance on the Supervision of Banking and Credit Institutions to extend credits directly or indirectly.
Admission Requirements

 

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Last updated: 07.02.2024 10:02