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Money Laundering and Terrorist Financing Risks in Belgian Financial Institutions

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Summary of Risks Relating to ML/FT

The National Bank of Belgium (NBB) has released a report assessing the risks of money laundering and terrorist financing (ML/FT) in the Belgian financial institutions subject to its supervisory authority. Here are the key points:

• The inherent risk score for most activities is moderate or high, with some exceptions.
• Vulnerabilities are also generally moderate or high, with some exceptions.
• Residual risks are similarly moderate or high.

Specific Activities

The report highlights the following specific activities and their associated risk scores:

• Payment activities and money remittance: High inherent risk score (4 out of 5)
• Electronic money activities: Significant vulnerability score (3 out of 5)
• Private banking: Low to moderate risk score
• Retail banking: High risk score
• Corporate banking and trade finance: Moderate risk score
• Manual exchange services and correspondent banking: High risk score

Institutions Affected by ML/FT Risks

The report assesses the risks associated with various types of financial institutions in Belgium, including:

• Banks
• Insurance companies
• Investment firms
• Other institutions subject to NBB supervision

Supervisory Approach and Recommendations

The NBB will use this sectoral risk assessment as a guide for its checks on anti-money laundering and combating the financing of terrorism (AML/CFT) in accordance with its risk-based approach. The report also provides input for the national assessment of money laundering risks.

The document is a comprehensive analysis of ML/FT risks in the Belgian financial sector, which will likely be useful for the NBB and other stakeholders in understanding and mitigating these risks.