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BELGIUM TIGHTENS GRIP ON MONEY LAUNDERING: COMPLIANCE REQUIREMENTS AND REGULATIONS EXPLAINED
The National Bank of Belgium (NBB) has launched a comprehensive online platform to guide financial institutions in navigating the complex web of anti-money laundering and combating the financing of terrorism (AML/CFT) regulations in Belgium.
A One-Stop Shop for AML/CFT Guidance
The website provides a centralized source of information on all relevant laws, regulations, and guidelines applicable to financial institutions under NBB supervision. Each page includes references to the relevant sections of the law, as well as international and European reference documents, accompanied by additional comments and recommendations from the NBB.
Strong Emphasis on Compliance
The website was developed in multiple stages, with the first phase focusing on providing a solid foundation of information on AML/CFT regulations. Subsequent updates have included additional comments and recommendations to facilitate effective implementation of the law and regulatory obligations. The platform is regularly reviewed and updated to reflect changes in international standards, European legislation, and national regulations.
Key Features of the Website
- Provides guidance on laws, regulations, and guidelines applicable to financial institutions under NBB supervision
- Includes references to relevant sections of the law and international/European reference documents
- Offers additional comments and recommendations from the NBB
- Regularly reviewed and updated to reflect changes in regulatory requirements
Educational and Informative
It’s essential to note that the NBB’s approach to AML/CFT guidance is purely educational and informative. While the website may not always be up-to-date with the latest developments, it remains a valuable resource for financial institutions seeking to comply with AML/CFT regulations.
A Holistic Approach to Compliance
Financial institutions are reminded to consider other relevant policy documents that may apply to their operations, such as those related to audit, shareholder structure, governance, and outsourcing. The NBB’s AML/CFT website is not intended to supersede the competences of other authorities responsible for AML/CFT regulation in Belgium.
Stay Ahead of Regulatory Requirements
By leveraging the NBB’s AML/CFT website, financial institutions can ensure they remain compliant with evolving regulatory requirements and standards.