Pursuant to article 25 of the National Ordinance combating money laundering and terrorism financing a service provider shall report an unusual transaction, either executed or intended, to the Financial Intelligence Unit within 2 x 24 hours of it becoming aware of the unusual nature of the transaction, unless the Financial Intelligence Unit has allowed a longer period for certain reports.
The policy of the Financial Intelligence Unit on the allotted time to report unusual transactions is as follows.
1. Unusual Transactions reported with the use of an objective indicator:
With the exception of the Banking Sector (these are: onshore banks, offshore banks, savings banks and the Central Bank of Curaçao and Sint Maarten), all reporting entities should submit their unusual transaction reports to the Financial Intelligence Unit within 48 hours of the transaction having been executed, or intended to be executed.
Approximately 75% of unusual transaction reports submitted to the Financial Intelligence Unit originate from the Banking Sector. Of these unusual transaction reports, 80% are reported with the use of an objective indicator. The volume of reported unusual transactions submitted by the Banking sector differs in volume from those submitted by other service providers that fall within the scope of the anti-money laundering and terrorism financing regulations. Based on this, the FIU adopted the policy that the Banking Sector has an unusual transaction reporting period of five (5) business days.
All other reporting entities must submit a request for an extension of the reporting period in writing to the FIU. The FIU decides within 24 hours if the extension is granted, and for how long (the maximum is five (5) business days).
2. Unusual Transactions reported with the use of a subjective Reports:
All service providers, including the Banking Sector, must see to it that the period between the execution of the unusual transaction (or the intention to execute an unusual transaction) and the moment that the Compliance Officer receives the information of the unusual transaction, does not exceed 24 hours.
When the Compliance Officer receives the information on the unusual transaction, he/she has a maximum of five (5) business days to see if it relates to money laundering or terrorism financing.
If in aforementioned period of five (5) business days there is a suspicion of money laundering or terrorism financing, the Compliance Officer must report the unusual transaction within 48 hours to the FIU.
In case these time periods are not feasible, the reporting entity will request an extension in writing to the FIU.
The FIU will consider the request and inform the reporting entity of its decision in writing within 24 hours.