On 29 September 2026, the Government of Sint Maarten enacted a new National Ordinance governing basic bank accounts, aimed at enhancing financial inclusion and anti-money laundering compliance. The legislation mandates that all licensed banks offer a basic payment account with standardized features, transparent fee structures, and simplified onboarding procedures for residents, including non-resident taxpayers. The ordinance enters into force on 1 January 2027 and aligns with EU Directive 2014/92/EU on payment accounts, as adapted for the Caribbean constituent country.
Key Takeaways
- Mandatory Basic Account Offering: Banks must provide a no-frills account enabling essential transactions such as deposits, withdrawals, and electronic payments, with capped monthly fees not exceeding ANG 10.
- Enhanced Due Diligence & Reporting: The ordinance introduces simplified customer due diligence for basic accounts while requiring banks to report suspicious transactions to the Financial Intelligence Unit (FIU) under the existing AML/CFT framework.
- Consumer Protection Measures: Account holders gain the right to switch providers within 10 business days, and disputes are subject to the ombudsman mechanism established under the National Ordinance on Financial Supervision.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement