Financial Crime World

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International Cooperation in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

Obligations and Procedures of the National Bank of Belgium (NBB)

The National Bank of Belgium (NBB) has a crucial role to play in international cooperation in AML/CFT. This policy document outlines the NBB’s obligations and procedures for cooperating with foreign supervisors, authorities responsible for financial markets supervision, and European Supervisory Authorities (ESAs).

Key Points

  • Cooperation with Foreign Supervisors: The NBB is required to cooperate with foreign supervisors competent for prudential supervision of financial institutions and exchange all useful information.
    • This cooperation is essential in ensuring the effective implementation of AML/CFT measures across borders.
  • Condition for Information Sharing: The NBB may only share confidential information with a foreign supervisor if a Memorandum of Understanding (MoU) is concluded beforehand, prohibiting the use of the information for purposes other than prudential supervision and transmission to third parties without consent.
    • This condition ensures that sensitive information is shared responsibly and in accordance with established protocols.
  • Exemptions for EEA Member States: If the foreign supervisor is from an EEA Member State, the MoU condition does not apply, and information sharing is subject only to the condition that the authority receiving the information does not transmit it to a third-country authority without consent.
    • This exemption acknowledges the close cooperation between EU member states in AML/CFT matters.
  • Cooperation with Authorities Responsible for Financial Markets Supervision: The NBB cooperates with these authorities to exchange all useful information for the exercise of their tasks.
    • This collaboration helps ensure that financial markets are supervised effectively and efficiently.
  • ESAs Joint Guidelines on AML/CFT Colleges: The NBB is required to participate in AML/CFT colleges, which are permanent structures for enhanced cooperation and information sharing between European and third-country authorities responsible for AML/CFT supervision of the same financial institution operating on a cross-border basis.

Conclusion

The NBB’s international cooperation in AML/CFT is essential in preventing and combating money laundering and terrorist financing. By following these obligations and procedures, the NBB can effectively contribute to the global fight against these threats while ensuring the stability and integrity of the financial system.