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Introduction

These guidelines are provided by the GCB for the role as a Compliance officer, which is a statutory obligation for Curacao-based companies under the National Ordinance on the identification of clients when rendering services (NOIS) and the National Ordinance on the reporting of unusual transactions (NORUT), in the fight against money launderers and terrorism funding.

Fit and Proper Requirements

The GCB aims at licensing operators who maintain integrity in their operation, including an effective compliance function. Individuals acting as Compliance Officers must have professional experience, integrity and competence. The GCB has specific requirements for individuals authorized to act as a compliance officer for a gambling operator.

Suitability

The operator is required to submit a Personal History Disclosure form to the GCB along with any supporting documents including a CV to allow the GCB conduct thorough due diligence. Due diligence may include an assessment of a Compliance Officer’s:

• Personal History and Professional Experience: Assess the background and experience of the individual, including past legal or regulatory issues to ensure that there is no criminal history, regulatory violations or other conduct which would raise concern about their suitability for a role.
• Reputation Verification by reference check and consultation with regulatory or industry bodies, as applicable.

Competence

The operator is required to provide a detailed CV detailing the experience and educational levels of their Compliance Officer.

The Compliance Officer must meet the following criteria to qualify for this role:

• Education & Experience: A minimum of two years experience in Anti-Money Laundering/Combating Financing Terrorism Compliance (AML/CFT), in a reporting capacity, with a Bachelor’s Degree or relevant AML certification. Curacao recognizes the CAMS Certification from the Association of Certified Anti-Money Laundering Specialists and the AMLFC Certification from the AML Foundation & Compliance Institute. The GCB may accept other certifications that are similar, provided they have been approved.

OR

• Experience only: Minimum four years experience in AML/CFT in a reporting position.

According to NOIS/NORUT, those with at least 2 years experience as a Money Laundering reporting officer (MLRO), or an equivalent role in another jurisdiction, are also qualified to be a Compliance Officer.

The Compliance Officer is required to demonstrate their commitment to professional development through the investment of at least 10 hours per year in AML training. The GCB may offer workshops and training tailored to the industry.

The Compliance Officer must be familiar with Curacao’s laws, such as NOIS, NORUT and AML regulations published by the GCB. It is important to be familiar with the EU and OFAC sanction lists.

5. 
   
   Responsibilities
   
   

The operator should formally appoint a senior manager at the management level to be responsible for detecting money laundering and terrorist funding and deterring it. The AML/CFT Compliance officer should have access to timely information on customer identification, Customer Due Diligence data (CDD), transaction records and other relevant data. They must also be able act independently.

The Compliance Officer is accountable for:

• Creating and implementing an AML program.
• Ensure compliance with Curacao’s laws and regulations relating to money laundering and terrorist funding.
• Examining compliance with the casino’s rules and regulations.
• Organising training sessions for staff on compliance issues.
• Analyzing transactions to identify those that are subject to reporting in accordance with the Ministerial Decree for Indicators of Unusual Transactions.
• Checking for accuracy and completeness of unusual transactions reported internally.
• Maintaining records for both internal and externally reported transactions that are unusual.
• Implement a procedure to determine when unusual transactions should be reported and result in the blocking/freezing of accounts.
• If necessary, you can conduct further investigations to uncover unusual transactions.
• Prepare external reports for unusual transactions.
• Changes to the AML Program.
• Keep abreast of local and international developments relating to money laundering and terrorist funding and suggest improvements to management.
• Prepare periodic reports on casino efforts to combat money laundering, terrorist financing, and proliferation funding.

Conflicts of Interest

The Compliance Officer role cannot be combined with other functions that may lead to conflict of interest, or compromise the integrity of the compliance function. The role of Compliance Officer cannot be combined with other operational functions, such as UBO, CEOs, CFOs, COOs, Slot Managers, and Casino Managers. It should also be separated from the internal auditor function.

Exercise of Functions in other Jurisdictions

A person appointed as a compliance officer for a Curacao-based entity can also be an MLRO abroad, if they have the time and resources necessary to perform both roles.

Outsourcing

The GCB allows the outsourcing of compliance functions to a reputable party. The CV must include the experience and educational levels of the manager responsible. On request, the operator must be able provide the contract for outsourcing to the GCB.

A single person cannot perform the compliance function for more than ten operators. This limitation also applies to similar roles performed in other jurisdictions. The GCB can contest the maximum if the size of serviced operators is large enough.

Please be aware that it is the responsibility of the licensed operator to ensure the correct execution of the Compliance function.

Transitional Arrangements

The GCB expects both newly appointed and current Compliance Officers to adhere to these guidelines.

A certain amount of adjustment time is allowed if existing Compliance Officers do not meet all requirements when introduced. The GCB expects that the operator will comply immediately with item 3 in regards to its compliance officer. The operator has up to six month to meet the requirements for items 5 and 6. In the case of item 4, if there is a lack of compliance in the experience and education of the compliance officers, then the operator will be given a maximum period of one year to improve the knowledge. The licensed operator must disclose a plan of training for the Compliance officer, which the GCB will monitor.

Operators who have applied for a GCB licence but haven’t been granted a licence as of the introduction date should ensure that the compliance officer proposed complies to these guidelines, since the transitional arrangements mentioned will not be applicable.

Exemptions

According to the guidelines in this document, B2B licensees do not have to appoint an officer of compliance.

Implementation date

The date of implementation is January 1, 2025

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