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Financial Institutions Urged to Boost Anti-Money Laundering Measures

Brussels, Belgium - The National Bank of Belgium (NBB) has issued a stern warning to financial institutions, urging them to take immediate action to strengthen their anti-money laundering and counter-terrorism financing (AML/CFT) mechanisms.

Deadline for Implementation

The NBB has set a deadline of July 1st, 2019 for the implementation of corrective measures. Those unable to meet this target are required to submit a request for postponement by May 31st, 2019.

** Identified Weaknesses and Corrective Measures**

A thorough review of financial institutions’ AML/CFT mechanisms has identified several gaps in their risk management processes. The NBB emphasizes the need for a comprehensive action plan that prioritizes actions based on the impact of the identified gaps on overall efficiency.

Periodic Risk Assessments

Financial institutions are required to update their overall risk assessments periodically, taking into account significant events both internally and externally that could significantly modify the nature and scale of ML/FT risks. This includes major changes in the legal and regulatory framework, socio-economic context, or the emergence of new forms of crime.

Even if no significant events occur, financial institutions should still review their overall risk assessments annually to ensure they remain relevant and effective.

Documentation and Submission Requirements

Financial institutions are required to document, update, and submit their overall risk assessments to the NBB on a regular basis. The submission method and requirements are outlined on the NBB’s “Reporting by Financial Institutions” page.

The NBB expects financial institutions to provide updated versions of their documents, including the activity report of the AMLCO, and has emphasized the importance of clearly mentioning any updates to the overall risk assessment.

Disclaimer

Please note that this English translation is unofficial and may not be used as a basis for resolving any dispute.