Financial Crime World

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Belgium’s Financial Regulators Step Up Anti-Money Laundering Efforts Amid Rising Threats

While Belgium enjoys a reputation as a wealthy and influential European power, it also faces a growing number of financial crime threats. In 2021, for instance, the country’s financial intelligence unit recorded 46,000 suspicious transactions, a 50% increase from the previous year. To combat this threat and contribute to global anti-money laundering (AML) and counter-terrorism financing (CFT) efforts, Belgium has established a robust regulatory framework for financial institutions.

Understanding AML Regulations in Belgium

For businesses operating in or setting up shop in Belgium, understanding the country’s AML regulations is crucial to protecting their organization from risk. The primary financial regulator in Belgium is the Financial Services and Markets Authority (FSMA), which oversees various activities including:

  • Supervision of financial products and services
  • Compliance with financial conduct rules and AML/CFT regulations
  • Surveillance of markets and distributed financial information
  • Financial education

New Initiatives to Strengthen Anti-Money Laundering Regime

In addition to these efforts, Belgium has implemented new initiatives aimed at strengthening its anti-money laundering regime. In 2022, the country amended its AML Law to bring cryptocurrency service providers under its scope, introducing new measures to prevent money laundering and terrorist financing through virtual currencies.

The amendment defines exchange services between virtual currencies and fiat currencies as they pertain to the AML Law, and sets out specific requirements for crypto exchange services. It also:

  • Prohibits non-EU individuals from offering or providing these services in Belgium
  • Establishes an FSMA registry of authorized crypto exchange service providers

Effective Customer Screening and Sanctions Compliance

To achieve effective customer screening and sanctions compliance, firms in Belgium must be prepared to search international data sources for customer involvement in risk factors set out in domestic legislation. Ripjar’s Labyrinth Screening platform is built to meet this challenge, using cutting-edge machine learning technology to inform its searches with thousands of global data sources in real-time.

Get Support with AML Compliance in Belgium

For more information on how Ripjar can support your AML compliance in Belgium, contact us today.