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Understanding Compliance in Curacao
What is Compliance?
Compliance refers to adhering to regulations to ensure the safety and integrity of financial systems. The Financial Action Task Force (FATF) is an organization that establishes these regulations, focusing on preventing activities like money laundering and terrorist financing.
The Importance of Compliance in Curacao
In Curacao, the Financial Intelligence Unit (FIU) oversees compliance with these regulations among businesses. Non-compliance can result in penalties or legal consequences. These regulations have been in place since 2017 and are regularly updated to tighten security measures.
Responsibilities of Service Providers
Service providers, such as banks, legal firms, Real Estate Agents and others are required to verify the identity of their clients. This involves checking valid identification documents to confirm their authenticity. Additional documentation may be requested for clients from other countries.
For clients representing companies, service providers also verify the company's ownership structure and the authority of the representative.
Client Screening Procedures
Service providers conduct thorough checks, especially in high-risk situations such as dealings with politically exposed persons (PEPs) or remote transactions. Client cooperation is essential during these screening processes.
Source of Funds Verification
Service providers may inquire about the source of funds involved in transactions to ensure legality and transparency.
Ongoing Monitoring
Even after initiating services, service providers continue to monitor transactions to detect any suspicious activity and maintain compliance with regulations.
At Keller Williams Curacao, our dedicated team of real estate professionals is committed to guiding you seamlessly through every step of the real estate journey, ensuring compliance with all relevant regulations and providing expert assistance in navigating the intricacies of property transactions.