COMPLIANCE BY CHOICE:

“Rules matter, Compliance is better”

Compliance by choice
CITA Aruba VBA provides support, guidance, and expert advice in the areas of compliance (with):

  • Supervisory requirements (prudential and integrity related requirements) for credit institutions, insurance companies, pension funds, and designated non-financial businesses and professions.
  • Support, guidance, and advice also includes services to natural persons residing in- or outside of Aruba.
  • Loan loss provisioning directive for credit institutions and other financial institutions providing loans to their clients.
  • Credit extensions to insiders and large loan exposures to a group of connected clients.
  • AML/CFT compliance.
  • KYC/CDD.
    • Transaction monitoring/ handling of alerts services.
    • Templates.
    • Completness of files/documentation.
    • Conducting background, fraud and corruption investigations, asset tracing and recovery, claims support and providing other forensic services.
  • Preparation of a personal questionnaire for managing directors and supervisory board members in view of integrity and suitability assessments.

  • Preparation of a questionnaire “external auditor” in case of a change and the required upfront approval by the supervisor.
  • Preparation of training programs for managing directors and supervisory board members in case of a conditional approval by the Centrale Bank van Aruba (CBA).
  • Any related legal supervisory matters for which upfront approval of the CBA is required (reference is made to the applicable State Ordinances for the different sectors).
  • Assistance and guidance in responding to letters of the supervisor (e.g., on-site examinations).
  • Basel II Compliance (NCoA) compared to the current monthly regulatory returns for credit institutions.
  • Technology Risk Management.
  • Outsourcing arrangements.
  • Business continuity management.
  • Credit risk management.
  • Assistance in the implementation of new supervisory laws, regulations and guidelines.

A STATE OF CONTROL:

“Bad corporate governance is the root cause of all problems”

CITA Aruba VBA provides support, guidance, and expert advice in the following areas related to corporate governance:

  • Sound corporate goverance practices.
  • Sound Business Operations.
  • Integrity risks.
  • Credit Institution’s administrative organization.
  • Internal Audit at Banks.
  • Policies, Procedures, and Controls (PPCs). Review, update and align your PPCs internally and with the applicable law- and regulations.
  • Enforce the 3 lines of defense (LODs) and ensure effective business communication within the 3 LODs.

COLLECTIVE INTELLIGENCE:

  “Learn and improve for the greater”

  “Knowledge and excellence on all levels of your organization”

CITA Aruba VBA provides training in the areas mentioned under “Compliance by Choice” and “A State of Control”. 

CITA Aruba VBA underscores the importance of continuous learning and development on all levels of the organization and is a strong supporter of the concept “a learning organization”.

Considering the rapid changes in the international and local supervisory landscape and the applicable law- and regulations, a quick response to changes is key for an organization to transform and adapt as fast as possible to said changes. This sustains solid, compliant, effective, and efficient business operations which facilitate a competitive advantage while maintaining solid returns.

This logo is the top view of a tree, representing branches that are all connected to the trunk, and ultimately, to the roots of the tree. Collectively sharing knowledge & intelligence is one of the missions of CITA Aruba VBA.

  • Training is provided in all areas under “Compliance by Choice”.
  • Training is provided in all areas under “A State of Control”.
  • Training is provided as preparation for the CAMS exam. Upon taking this course, CITA Aruba VBA will provide a “homemade” summary of the +400 page Study Guide issued by ACAMS.