{
 "jurisdiction_id": "CW",
 "jurisdiction": "Curaçao",
 "url": "https://payments.gi/jurisdictions/curacao/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 61,
  "source_register": 121
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/curacao/#w1a-licensing-authorisation-market-access",
   "standing_position": "Curacao's payments licensing regime is anchored in the Centrale Bank van Curacao en Sint Maarten (CBCS) as sole prudential/AML regulator. Banks are licensed under the 1994 National Ordinance on Supervision of Banking and Credit Institutions; money transfer companies (MTCs) require a full license under the 2014 National Ordinance on Supervision of Money Transfer Companies (effective March 2015). Critically, there is NO dedicated EMI/PI licensing statute yet: PSPs, EMIs and VASPs currently operate under a registration-only regime pending the draft National Ordinance on the Supervision of Payment Service Providers, which the Curacao FinTech Association is actively lobbying Parliament to pass.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "National Ordinance on the Supervision of Banking and Credit Institutions 1994 (N.G. 1994, no. 4)",
     "source": "https://www.centralbank.cw/faq/supervision-general",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "National Ordinance on the Supervision of Money Transfer Companies 2014 (N.G. 2014, no. 86)",
     "source": "https://www.centralbank.cw/faq/supervision-general",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Draft National Ordinance on the Supervision of Payment Service Providers (pending)",
     "source": "https://www.curacaochronicle.com/post/unknown/curacao-fintech-association-urges-parliament-to-fast-track-payment-services-law",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Supervisory warning notice (CBCS)",
     "source": "https://www.curacaochronicle.com/post/local/curacaos-central-bank-issues-warning-over-unregulated-digital-payment-services/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CBCS registration regime",
     "source": "https://www.zitadelleag.com/news/zitadelle-ag-your-trusted-partner-for-psp-emi-mtc-licensing-in-cura%C3%A7ao",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Foreign Exchange Regulation Curacao and Sint Maarten (2010)",
     "source": "https://www.centralbank.cw/legislation-guidelines/foreign-exchange-regulations",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "CBCS conduct supervision rests on a 2017 complaints-handling Regulation applicable to all supervised institutions, backstopped by a bank deposit guarantee scheme (up to 50,000 XCG per depositor per bank) and a running series of public warning notices. A dedicated market-conduct rulebook (including prohibition of linked transactions) remains outstanding, and gaming-specific consumer-facing conduct rules (T&Cs, payment-method disclosure) are being tightened under the new LOK regime.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Regulation on complaints handling for supervised natural and/or legal persons",
     "source": "https://www.centralbank.cw/faq/complaint",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Deposit Guarantee Fund (DGF)",
     "source": "https://thebanks.eu/countries/Curacao/major_banks",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CBCS public warning notices",
     "source": "https://www.centralbank.cw/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Forthcoming market conduct rules",
     "source": "https://www.centralbank.cw/faq/supervision-general",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CGA conduct requirements under LOK",
     "source": "https://eegaming.org/news/2026/07/04/142046/curacaos-crypto-haven-status-challenged-by-new-regulations/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w2-stablecoins-digital-money",
   "standing_position": "Curacao regulates virtual assets via the National Ordinance on the Supervision of Virtual Asset Service Providers (Landsverordening toezicht virtuele activa dienstverleners), administered by CBCS, with a public VASP register and full AML/CFT integration into LID/MOT since May 2024. There is no dedicated stablecoin-issuer/e-money-institution licensing statute (this sits inside the same pending PSP ordinance gap as W1a). Sector-specific stablecoin conduct rules are emerging fastest in the gaming vertical, where CGA now steers licensees toward fiat-backed stablecoins and Travel Rule compliance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "National Ordinance on the Supervision of Virtual Asset Service Providers",
     "source": "https://legalbison.com/crypto-license/curacao/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "LID/MOT amendments",
     "source": "https://manimama.eu/cryptolicense/cryptolicense-in-curacao-accessing-the-caribbean-and-latin-american-markets/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CGA crypto payments policy",
     "source": "https://eegaming.org/news/2026/07/04/142046/curacaos-crypto-haven-status-challenged-by-new-regulations/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Absence of dedicated EMI licensing route",
     "source": "https://www.curacaochronicle.com/post/unknown/curacao-fintech-association-urges-parliament-to-fast-track-payment-services-law",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "CBCS maintains a dedicated IT, Cyber & Operational Risk supervisory pillar (IT Governance, Business Continuity Management, Information Security Management provisions) and has flagged fintech/cyber risk as a priority in its 2026-2028 Research Agenda. Payments-critical infrastructure centres on the Worldline-built Instant Payments clearing and settlement mechanism (CSM), which is ISO 20022 compliant, and on upcoming Swift structured-address requirements effective November 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "CBCS Provisions and Guidelines for IT Governance / Business Continuity Management / Information Security Management",
     "source": "https://www.centralbank.cw/legislation-guidelines/it-cyber-operational-risk",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CBCS Research Agenda 2026-2028",
     "source": "https://www.curacaochronicle.com/post/unknown/cbcs-to-examine-fintech-digital-banking-and-cyber-risks-in-curacaos-financial-system",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Instant Payments CSM (Worldline)",
     "source": "https://www.finextra.com/pressarticle/90978/centrale-bank-van-curaao-en-sint-maarten-implements-instant-payments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Swift Standards Release 2026 / structured address mandate",
     "source": "https://www.bes-reporter.com/news/banking-finance/91964/cbcs-preps-banks-for-new-swift-rules",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w4-scheme-network-compliance",
   "standing_position": "Scheme-level activity centres on the CBCS-chaired National Payment Council, which coordinates card-scheme rollout (Visa/Mastercard debit) and Instant Payments alongside the 1% Foreign Exchange license fee applied to cross-border bank transactions. Visa and Mastercard both continue to apply high-risk merchant classification programs (GARS/HRM) to Curacao-licensed gaming merchants, materially shaping scheme access for the jurisdiction's largest payments vertical.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "National Payment Council",
     "source": "https://www.centralbank.cw/publications/press-releases/2024/pb-2024-006-national-payment-council-curacao-and-sint-maarten",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Visa/Mastercard scheme risk classification",
     "source": "https://www.zitadelleag.com/news/offshore-igaming-curacao-license-guide",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Foreign Exchange license fee",
     "source": "https://www.mcb-bank.com/news/important-update-on-license-fee-for-bank-transactions",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Card network high-risk programs",
     "source": "https://blog.basistheory.com/high-risk-merchant",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w5-payment-corridor-dynamics",
   "standing_position": "Curacao's principal payment corridors are (a) the domestic/regional Instant Payments corridor linking Curacao, Sint Maarten and Bonaire with a stated ambition to connect to Aruba and the Netherlands; (b) the USD correspondent-banking corridor, under chronic de-risking pressure; and (c) MTC-driven remittance corridors serving a large migrant population, particularly into Sint Maarten. Foreign exchange corridor access is governed by the 2010 Foreign Exchange Regulation.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Correspondent banking de-risking",
     "source": "https://globalbanks.com/curacao-banking-risks/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Instant Payments regional corridor",
     "source": "https://www.finextra.com/pressarticle/90978/centrale-bank-van-curaao-en-sint-maarten-implements-instant-payments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Money transfer company remittance corridor",
     "source": "https://www.fatf-gafi.org/content/dam/fatf-gafi/fsrb-mer/Sint%20Marteen-MER-Evaluation-CFATF-round4.pdf.coredownload.inline.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "SWIFT cross-border corridor messaging",
     "source": "https://www.bes-reporter.com/news/banking-finance/91964/cbcs-preps-banks-for-new-swift-rules",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Foreign Exchange Regulation Curacao and Sint Maarten (2010)",
     "source": "https://www.centralbank.cw/legislation-guidelines/foreign-exchange-regulations",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Curacao's payments-relevant financial sector is bank-dominated and concentrated: Maduro & Curiel's Bank (MCB) is the largest locally headquartered bank, alongside RBC Royal Bank, Orco Bank, Banco di Caribe and Vidanova Bank, with numerous international/regional bank branches also present. A nascent local fintech/payments layer (Girasol, ENVOY, Celery, CX Pay, and others under the Curacao FinTech Association) remains largely unfunded and structurally constrained by the absence of an EMI/PI licensing route.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Local bank market structure",
     "source": "https://thebanks.eu/countries/Curacao/major_banks",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Cross-border bank concentration",
     "source": "https://www.fatf-gafi.org/content/dam/fatf-gafi/fsrb-mer/Sint%20Marteen-MER-Evaluation-CFATF-round4.pdf.coredownload.inline.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Local fintech/payments sector",
     "source": "https://tracxn.com/d/explore/fintech-startups-in-curacao/__75cf4fbjdePCeE5STj0a6sEHKqCXyM9S4QvMMc558Ns/companies",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Regional payments consolidation",
     "source": "https://www.connectingthedotsinfin.tech/curacao-based-girasol-payment-solutions-has-acquired-colombian-fintech-company-finzi/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "National Payment Council coordination structure",
     "source": "https://www.centralbank.cw/publications/press-releases/2024/pb-2024-006-national-payment-council-curacao-and-sint-maarten",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/curacao/#w7-legal-litigation",
   "standing_position": "The two dominant live/landmark litigation threads in Curacao's payments space are the two-decades-long First Curacao International Bank (FCIB) wind-down litigation (license revoked 2006 for VAT fraud involvement; Dutch Supreme Court remanded a fee-withholding dispute in March 2025) and the BC.Game/Blockdance/Small House bankruptcy litigation arising from gaming-license non-compliance, which has generated ongoing player-claimant proceedings and political corruption allegations against the gaming regulator.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Credit System Supervision Act / FCIB wind-down",
     "source": "https://www.curacaochronicle.com/post/local/dutch-supreme-court-overturns-ruling-on-first-curacao-international-bank-case/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Credit System Supervision Act 1992 settlement",
     "source": "http://www.firstcuracao.com/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "LOK licensing enforcement / gaming bankruptcy",
     "source": "https://news.worldcasinodirectory.com/curacao-regulator-poised-to-announce-bc-game-license-decision-116265",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Player-claimant bankruptcy proceedings",
     "source": "https://sbgok.org/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Political/regulatory integrity dispute",
     "source": "https://igamingbusiness.com/legal-compliance/licensing/curacao-gcb-corruption-claims/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring in Curacao is structurally shaped by its status as a leading global online-gaming licensing hub: gaming merchants are near-universally classified high-risk by Visa and Mastercard's respective risk programs, forcing a standard advisory structure of Curacao-licensed gaming entity plus EU-domiciled merchant account/EMI. The new LOK regime's B2B Supplier License (effective 2024/2025) now brings payment processors serving the sector within formal CGA oversight for the first time.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Card scheme risk classification of gaming merchants",
     "source": "https://www.zitadelleag.com/news/offshore-igaming-curacao-license-guide",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "High-risk acquiring corporate structuring",
     "source": "https://gbo-licensing.com/curacao-corporate-structure/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Scheme-specific high-risk programs",
     "source": "https://blog.basistheory.com/high-risk-merchant",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "B2B Supplier License (LOK)",
     "source": "https://www.zitadelleag.com/news/offshore-igaming-curacao-license-guide",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w9-product-innovation-market-development",
   "standing_position": "The dominant product-development event of the baseline period is the March 2025 launch of the Caribbean guilder (XCG), the new common currency for Curacao and Sint Maarten replacing the Netherlands Antillean guilder. In parallel, CBCS is developing Instant Payments Phase 2 (P2P/P2B/P2G), and the gaming sector has gained a new B2B Supplier License category; the fintech sector's principal innovation constraint remains the absent EMI/PI licensing framework.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Caribbean guilder (XCG) currency launch",
     "source": "https://www.centralbank.cw/functions/banknotes-coins/caribbean-guilder",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Instant Payments Phase 2",
     "source": "https://www.finextra.com/pressarticle/90978/centrale-bank-van-curaao-en-sint-maarten-implements-instant-payments",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "B2B Supplier License market development",
     "source": "https://www.zitadelleag.com/news/offshore-igaming-curacao-license-guide",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "EMI/PI licensing gap as innovation constraint",
     "source": "https://www.curacaochronicle.com/post/unknown/curacao-fintech-association-urges-parliament-to-fast-track-payment-services-law",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer protection runs through CBCS's 2017 complaints-handling Regulation (two-week response requirement) and the consumer association Fundashon pa Konsumidó, with CBCS itself limited to a supervisory-signal role rather than adjudication or mediation. Gaming-specific consumer protections are being strengthened under LOK (proactive T&C consent, payment-method/timing disclosure). No dedicated APP-fraud mandatory-reimbursement regime, of the kind seen in the UK/EU, was identified for Curacao's banking sector.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Regulation on complaints handling",
     "source": "https://www.centralbank.cw/faq/complaint",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Conduct supervision signal function",
     "source": "https://www.centralbank.cw/functions/supervision/conduct-supervision",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Deposit guarantee scheme",
     "source": "https://thebanks.eu/countries/Curacao/major_banks",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CGA consumer disclosure requirements",
     "source": "https://eegaming.org/news/2026/07/04/142046/curacaos-crypto-haven-status-challenged-by-new-regulations/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w11-aml-cft-financial-crime",
   "standing_position": "Curacao completed its 4th-round CFATF mutual evaluation (on-site June 2024, report adopted May 29, 2025), placing it under CFATF's enhanced follow-up process. The core statutory AML/CFT framework -- NORUT (unusual transactions reporting) and NOIS/LID (client identification) -- was consolidated in 2024 (Landsverordening bestrijding witwassen, financieren van terrorisme en het financieren van proliferatie, PB 2024 nr. 41), with VASPs folded into the same regime since May 2024.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel.fatf-rating-2025",
     "source": "https://www.knowyourcountry.com/curacao/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Curaçao is a distinct AML/CFT jurisdiction within the Kingdom of the Netherlands (not an EU member state; classified as an EU Overseas Country and Territory). It maintains its own AML/CFT ordinances (NORUT, NOIS), a Central Bank (CBCS) supervisory function, an FIU (MOT), a 2023 National Risk Assessment, and a 2024 UBO Decree, assessed by CFATF/FATF in a 2025 Mutual Evaluation as medium-high ML risk with substantial technical and effectiveness gaps.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Curaçao (Kingdom of the Netherlands)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: EU listing",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Gap: capacity-deficit",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w12-correspondent-banking-settlement-access",
   "standing_position": "Correspondent banking de-risking is a chronic, CBCS-acknowledged structural vulnerability for Curacao given the jurisdiction's exposure to gaming/crypto-adjacent business and small-open-economy status; the CBCS 2026-2028 Research Agenda explicitly names it as a financial-stability risk. Settlement infrastructure access runs through the domestic Instant Payments CSM and, for cross-border messaging, through Swift, which is imposing new structured-address requirements from November 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "CBCS Research Agenda 2026-2028",
     "source": "https://www.curacaochronicle.com/post/main_news/cbcs-puts-housing-and-systemic-risk-back-on-the-agenda-but-curacao-still-lacks-clear-visibility-on-key-vulnerabilities",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Historical correspondent loss",
     "source": "https://globalbanks.com/curacao-banking-risks/",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BIS review of correspondent banking",
     "source": "https://www.bis.org/review/r220906g.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Swift structured-address settlement messaging",
     "source": "https://www.bes-reporter.com/news/banking-finance/91964/cbcs-preps-banks-for-new-swift-rules",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Fintech/VASP correspondent access risk",
     "source": "https://www.curacaochronicle.com/post/unknown/cbcs-to-examine-fintech-digital-banking-and-cyber-risks-in-curacaos-financial-system",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/curacao/#w13-commercial-intelligence-fintech",
   "standing_position": "No confirmed M&A, funding round, or major product-release event specific to Curacao's payments/fintech sector was identified within the trailing 12-month baseline window (July 2025-July 2026). The most notable prior payments-sector M&A (Girasol Payment Solutions' acquisition of Colombian fintech FinZi) predates the window (January 2024) and is carried as background context under W6 rather than as a W13 commercial_event.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Industry advocacy event (not a transaction)",
     "source": "https://www.curacaochronicle.com/post/unknown/curacao-fintech-association-urges-parliament-to-fast-track-payment-services-law",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}