Reporting Obligation

Pursuant to article 11 of the National Ordinance Reporting of Unusual Transactions (NORUT) anyone who renders services by virtue of his profession or in the ordinary course of business shall be under the obligation to report an unusual transaction that was executed or intended, to the Financial Intelligence Unit (FIU).

The NORUT states in the same article 11 that all Reports should be sent without delay to the FIU. The term "without delay" is interpreted as follows:

1. Regarding Objective Reports (Reports based on an objective indicator):
With the exception of the Banking Sector (in this paragraph to be interpreted as onshore banks, offshore banks, savings banks and the Central Bank of Curaçao and St Maarten), all reporting entities should send their unusual transaction reports within 48 hours after the transaction has been executed, or in case of an intention to execute a transaction.

At least 75% of all reports received by the FIU are submitted by the Banking Sector. Of this amount, approximately 80% are objective reports. This means that the Banking Sector has an increased workload compared to other reporting entities where it concerns objective reports.

Therefore the Banking Sector has a reporting period of 5 working days.

All other reporting entities, upon request to the FIU, can be granted an extension of the reporting period to a maximum of 5 working days. A request for an extension must be directed in writing to the FIU, stating the reason for the request. The FIU will inform the reporting entity in writing of its decision within 24 hours.

2. Regarding subjective Reports (Reports based on a subjective indicator):

For all reporting entities, including the Banking Sector (as defined above under 1.), the time period between the execution of the unusual transaction (or the intention to execute an unusual transaction) and the moment the Compliance Officer receives the data on the unusual transaction, should not exceed 24 hours.

As of the moment that the Compliance Officer receives the data on the unusual transaction, the Compliance Officer will have a maximum of 5 working days to complete the relevant research with regard to possible Money Laundering/Terrorism Financing (ML/TF).

If in aforementioned period of 5 working days the suspicion of ML/TF is established, the Compliance Officer must report the transaction within 48 hours to the FIU.

In the case that the above-mentioned time periods are not feasible, the reporting entity will send a request for an extension in writing to the FIU, stating the reason for this request.

The FIU will evaluate the request and inform the reporting entity of its decision in writing within 24 hours.