Financial Crime World

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Belgium’s Financial Regulators Step Up Efforts Against Money Laundering

Despite its reputation as a wealthy and influential European power, Belgium has been facing an increasing number of financial crime threats, including international money laundering and terrorism financing activities. In 2021, the country’s financial intelligence unit recorded 46,000 suspicious transactions, a 50% increase from the previous year.

Robust Regulatory Framework

In response to these threats, Belgium has built a robust regulatory framework for financial institutions and established a financial regulator to oversee compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

Key Regulations

  • Conduct customer due diligence
  • Perform ongoing monitoring of customers
  • Report suspicious transactions

Financial Regulators

Belgium’s primary financial regulator is the Financial Services and Markets Authority (FSMA), which was established in 2011 to consolidate supervision of the country’s financial system and protect its markets. The FSMA works closely with the National Bank of Belgium and the Federal Public Service Economy to ensure AML/CFT compliance.

Crypto Regulation

In addition to its efforts against traditional financial crimes, Belgium has also been focusing on crypto regulation. The country amended its AML Law in 2022 to bring crypto service providers under its scope, introducing measures such as:

  • Definition of “exchange services between virtual currencies and fiat currencies”
  • Prohibition on non-EU persons offering or providing crypto exchange services in Belgium

Effective Customer Screening Compliance

To achieve effective customer screening compliance, financial institutions operating in Belgium must be prepared to search international data sources for customer involvement in risk factors set out in domestic legislation. Speed, scope, and accuracy are critical to minimizing false positive alerts and achieving AML compliance.

Ripjar’s Labyrinth Screening Platform

Ripjar’s Labyrinth Screening platform is a cutting-edge solution designed to meet these requirements. Built with machine learning technology, Labyrinth Screening searches over 20 foreign languages and provides actionable intelligence in seconds. The platform is informed by thousands of global data sources in real-time, including the latest adverse media, sanctions list, and watchlist updates.

How Ripjar Can Help

For organizations operating in Belgium, Ripjar’s Labyrinth Screening platform can support their AML compliance efforts, providing a robust solution for customer screening and due diligence. Contact us to learn more about how we can help your organization achieve AML compliance in Belgium.