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26th of November 2014
   
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Banking & Finance
Central Bank
The "Centrale Bank van Aruba" is a legal entity in itself (sui generis) with an autonomous position within Aruba’s public sector. It started its operations on January 1, 1986 when Aruba obtained its status as an autonomous country within the Kingdom of the Netherlands. At the same time, the Aruban Florin (Afl.) was brought into circulation, pegged to the US dollar at an exchange rate of Afl. 1.79 to US$ 1.00. This rate has remained unchanged since then.


The Central Bank is responsible for maintaining the internal and external value of the Aruban Florin, as well as promoting the soundness and safeguarding the integrity of the financial system.

Banking and institutional investor’s sector
The Central Bank has supervision over financial institutions which consist of commercial banks, offshore banks, mortgage banks, credit unions and other bank-like institutions including finance companies and other financial institutions. The institutional investor’s sector comprises life insurance companies and pension funds. Supervision is held aswell on money transfer companies.

Aruba's offshore banking sector is very small by international standards. Only two such institutions are registered here. Offshore banks registered in Aruba are allowed only to conduct transactions with non-residents. The Bank continues its strict admission policy for offshore banks. The most important requirements are that the parent bank is subject to comprehensive and consolidated supervision in the home country and that it possesses an excellent financial position and a solid reputation.

Foreign exchange transactions
The Central Bank administers the foreign exchange regulations, based on the State Ordinance on foreign exchange transactions. Merchandise import payments may be made freely and exports of goods and services do not require a license. Export proceeds must be generally converted into local currency within 8 working days or credited to an account with a local bank or a foreign bank, which is notified to the Bank.

No license is required for other capital payments made by local entities for an amount equivalent to a maximum of Af 500,000 per calendar year.

A foreign exchange tax of 1.3% is levied on payments made by residents to non-residents, except when settled in Netherlands Antillean guilders.

Anti Money Laundering - Legislation and Regulation.
There are several ordinances and decrees (applicable to the Central Bank of Aruba) regarding anti money laundering. Banks, life insurance companies, casinos, freezone, money transfer companies, and the post office are obliged to report unusual transactions to the Reporting Center for Unusual Transtactions (RCUT). The RCUT is entrusted with the execution of the State Ordinance on the Reporting of Unusual Transactions (SORUT) and on the Identification for Rendering Financial Services (SOIRFS). The Central Bank of Aruba has issued anti-money laundering guidelines for banks, insurance companies, and money transfer companies. Compliance with these guidelines and ordinance is tested during the on-site examinations.

For additional information visit the Centrale Bank van Aruba's website: www.cbaruba.org.

Investment Bank
The AIB Bank N.V. was incorporated in October 1987. The objectives of the AIB are primarily to support medium and long-term investments in Aruba and to encourage projects that are important and durable to the economic development of Aruba. For addirional information contact: AIB Bank N.V., Wilhelminastraat 36, Oranjestad, Aruba. Phone: 297 582 7327, fax 297 582 7461. E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , Website: www.aib-bank.com


Commercial Banks
Aruba has 4 commercial banks. For information on one of the commercial banks, check the list below.
Aruba Bank
Caya G.F. Croes 41
tel: 297 582 1550
fax: 297 582 9152

Banco di Caribe
Vondellaan 31
tel: 297 583 2168
fax: 297 583 2422
Caribbean Mercantile Bank
Caya G.F. Croes 53
tel: 297 582 3118
fax: 297 582 4373
RBC Bank Aruba
Italiëstraat 36
tel: 297 523 3100
fax: 297 582 1756