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Compliance Guide: Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations in Belgium

As a business operating in Belgium, it’s essential to comply with the country’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Here are some key points to consider:

Verification of Identity

Identity verification is not a one-time process. As per regulations, identity verification must be performed multiple times.

  • Multiple instances: Identity verification should be repeated in various situations.
  • Onboarding: Verify customer identity when onboarding a new customer.
  • Transactions: Perform identity verification during transactions or high-risk situations.

Timing of Verification

Identity verification is crucial at different stages:

  • New customers: Verify customer identity when onboarding a new customer.
  • High-risk situations: Perform identity verification during transactions or high-risk situations.
  • Third-party services: Use third-party services for due diligence, but maintain compliance and fulfill AML/KYC obligations.

Politically Exposed Persons (PEPs)

Businesses must determine if customers are PEPs, hold public office, or exhibit a higher risk profile using the AML Screening service provided by Shufti Pro.

  • Screening: Use AML Screening to identify high-risk customers.
  • Due diligence: Perform due diligence on high-risk customers.

Reliance on External Services

Businesses can seek third-party services for due diligence, but they remain liable for maintaining compliance and fulfilling AML/KYC obligations.

  • Third-party services: Use external services for due diligence, but maintain liability.
  • Compliance: Fulfill AML/KYC obligations despite relying on external services.

Record Retention

Businesses must retain data for at least 10 years as part of their AML/KYC obligations.

  • Record retention: Maintain records for at least 10 years.
  • Data protection: Protect sensitive customer information.

Acceptable Documents for Verification

A bank statement issued no more than three months ago showing the end-user’s address and name is an acceptable document for verification purposes (Point 5.3).

By following these guidelines, businesses can ensure compliance with AML/KYC regulations in Belgium and maintain a safe and secure environment for customers.