Financial Crime World

Here is the converted article in markdown format with proper headings, subheadings, and bullet points:

Appointment of a Compliance Control Person (CCP)

A European payment or electronic money institution must appoint a CCP when it has agents or distributors established in Belgium. The CCP is responsible for ensuring that these agents and distributors comply with AML/CFTP requirements applicable on Belgian territory.

Functions of the CCP

  • Representing the Institution: Represent the institution in contacts with competent authorities (CTIF-CFI, FPS Finance).
  • Ensuring Training Compliance: Ensure agents and distributors meet training requirements.
  • Monitoring Compliance: Monitor compliance with AML/CFTP rules.
  • Detecting Suspicious Transactions: Detect atypical transactions or ensure criteria for detecting them are adequate.
  • Reporting Suspicious Transactions: Decide whether to report suspicious transactions.
  • Responding to Requests: Answer requests from CTIF-CFI regarding activities performed in Belgium.

Location, Form, and Implementation Arrangements

The CCP must be situated on Belgian territory. Neither the Belgian legal framework nor European regulations specify a form for the CCP, but it should be adequate to enable effective performance of functions.

  • Location: The payment or electronic money institution is responsible for determining the location of its CCP.
  • Form: The form of the CCP can take into account proportionality and could be one or more staff members in Belgium, an agent or distributor established in Belgium, or an independent expert.

Qualities and Powers of the Person Responsible for Performing CCP Functions

The person responsible for performing CCP functions must possess:

  • Professional reliability
  • Adequate expertise
  • Knowledge of Belgian AML/CFTP framework
  • Availability
  • Hierarchical level
  • Powers

Additionally, the person should be able to propose necessary measures to guarantee compliance and efficiency of internal AML/CFTP measures.

Outsourcing Executive Tasks

It is acceptable to outsource executive tasks (e.g., quality control, ongoing supervision) to another entity within the same group. The CCP should retain responsibility for fully performing its functions.