We are receiving an increasing number of questions about outsourcing from financial institutions, including from potential new entrants. These institutions are interested in information about the requirements for financial institutions wishing to operate in the Caribbean Netherlands from an independent entity.
Under the Financial Markets (BES) Act (Wfm BES), financial institutions may provide services from an independent entity established in the Caribbean Netherlands, provided they have obtained a licence to do so. Some financial institutions are operating in the Caribbean Netherlands from an independent identity, while others are active from a branch office.
We have found that the requirements for financial institutions operating from an independent entity in the Caribbean Netherlands are insufficiently clear, and that there are many questions, mainly about outsourcing. Do I have to set up extensive departments if I'm operating as an independent entity? What activities may be outsourced? What are the requirements for outsourcing? Can I outsource processes to the parent company? What are the reporting requirements?
We consider organising a seminar in Bonaire again this year, possibly in June. Outsourcing may be one of the topics of the seminar. If you have any questions about outsourcing now, or if you wish to suggest other topics for the seminar, please contact us at email@example.com.