BANK MONEY LAUNDERING CASES: MAJOR AML FAILURES, FINES AND LESSONS What the cases of TD Bank, HSBC, Danske Bank, ING, ABN AMRO and others teach us about suspicious activity reporting, transaction monitoring and financial crime compliance. Banks occupy a critical posi... Compliance
THE LOK COMPLIANCE CLOCK What Curaçao gaming license holders should actually be tracking. Curaçao’s gaming sector has spent the past two years absorbing a genuine legal overhaul. The Landsverordening op de Kansspelen (LOK), t... Compliance
AI FRAUD UNMASKED: THE CURIOUS CASE OF SUNSHINE BANK As artificial intelligence becomes more deeply embedded in our financial systems, so do the risks of exploitation. Fraud is no longer limited to forged documents or suspicious wire transfers; it now h... Compliance
THE FIGHT CONTINOUS WITH THE CURIOUS CASE OF BLUE OCEAN INSURANCE Fraud Week, officially known as International Fraud Awareness Week, is an annual event dedicated to raising awareness about fraud and promoting anti-fraud practices. Organized by the Association of Ce... Compliance
CURAÇAO’S FIGHT AGAINST FINANCIAL CRIME: WHERE IT STANDS AND WHAT NEEDS IMPROVEMENT The Caribbean Financial Action Task Force (CFATF) released its 4th round Mutual Evaluation Report (MER) on Curaçao, a comprehensive evaluation of Curaçao’s efforts to combat money laundering and terro... Compliance
THE FYRE FESTIVAL: THE FIRE THAT FUELED STREAMING’S SCAM OBSESSION In 2017, the Fyre Festival touted as a luxurious music event in the Bahamas with top artists, gourmet food, and upscale accommodations, descended into chaos. Attendees found themselves stranded, livin... Compliance
DECEPTIVE CHARADES: HOW LOU PEARLMAN MISLED HIS LAWYERS AND CONCEALED HIS FRAUDULENT BUSINESS EMPIRE Pearlman launched a Ponzi scheme and for twenty years would convince banks and individuals to invest in fictitious companies. Lou Pearlman’s ability to deceive extended beyond his investors and into h... Compliance
THE FIGHT CONTINUES WITH THE CURIOUS CASE OF SUNTOURS Fraud Week, officially known as International Fraud Awareness Week, is an annual event dedicated to raising awareness about fraud and promoting anti-fraud practices. Organized by the Association of Ce... Compliance
COMPANY CLASSIFICATION IN FOREIGN EXCHANGE CONTEXT: LOCAL VS. OFFSHORE Determining whether a company is classified as local or international (offshore) is a common challenge for many business owners in Curaçao and Sint Maarten. This distinction can often be confusing due... Compliance Finance
REVISED FOREIGN EXCHANGE REGULATION CURAÇAO AND SINT MAARTEN The Central Bank of Curaçao and Sint Maarten (CBCS) will implement a revised foreign exchange regulation on October 1, 2024, designed to reduce the administrative burden of the licensing process and s... Compliance Finance
FOREIGN EXCHANGE LICENSE VS. FOREIGN EXCHANGE EXEMPTION – WHAT’S THE DIFFERENCE? “Foreign exchange license” and “foreign exchange exemption” are distinct regulatory concepts related to the operation of foreign exchange businesses. Both play a vital role in maintaining a robust and... Compliance Finance
UNDERSTANDING THE LANDSCAPE OF CURAÇAO’S FOREIGN EXCHANGE POLICIES Foreign exchange regulation in Curaçao is governed by a series of intricate legal frameworks designed to maintain economic stability and foster growth. The regulations established by the Centrale Bank... Compliance Finance