Aruba Compliance Officer’s Association organized a half day Seminar on August 22 at the Surfside Marina in Oranjestad. During this seminar, Pierre Simon, managing director at Simon Legal & Compliance, acted as a speaker.
The seminar aimed at clarifying the concept of money laundering risk and what constitutes the risk-based approach to money laundering and terrorist financing. For this occasion ACOA has invited several speakers including Pierre Simon of Simon Legal & Compliance, to elaborate on this topic.
Money laundering and terrorist financing risks are one of the most sophisticated challenges facing the financial sector and designated non-financial businesses and professions, especially in the environment of globalization and complexity of financial products and services. In terms of consequences, money laundering and terrorism can bring significant financial and reputational losses. International anti-money laundering and terrorist financing standards have been established with the Financial Action Task Force with its 40 Recommendations leading this process. Meanwhile, on June 1, 2011 the AML/CFT State Ordinance was introduced in Aruba, which is based on these international standards. The novelty of this legislation is that it incorporates the risk-based approach (RBA), which enables institutions to develop their own internal risk assessment processes with regard to high to lower risk areas. The local AML/CFT regulations only set out some minimum compliance requirements. However, implementing RBA is posing quite a challenge to the institutions.
Simon Legal & Compliance is a Dutch Compliance Consulting firm founded by Pierre Simon. The firm operates in the Compliance and Risk Management in the financial sector. Providing quality service since its active participation in 2010 and from then on the firm have provided countless success in establishing itself on its market, being recognized as a trusted compliance consultancy by major Dutch Financial Institutions.
Simon Legal & Compliance holds a strong ambition to grow, large professional ethics and high level assignments within the financial sector.