Financial Crime World

AML/CFT Best Practices in Belgium: Comprehensive Solutions by PwC

Introduction

Belgium, like many other countries, has been intensifying its efforts to combat money laundering and terrorist financing (AML/CFT) to safeguard its financial system and economy. The European Union’s 5th Anti-Money Laundering Directive has set stricter regulations for all member states, including Belgium.

According to a recent report, laundered assets are worth up to 5% of global GDP each year, highlighting the need for effective AML/CFT measures. In 2021, global fines for AML failings totaled $5.35 billion, emphasizing the importance of compliance.

PwC’s AML Health Check Assessment

In response to the growing regulatory scrutiny and continuous struggle to effectively design and implement AML Compliance programs, PwC has developed a dedicated AML Health Check Assessment. Our solution aims at supporting obliged entities in identifying potential gaps and areas for improvement, supplemented by critical and priorities assessments.

Our multi-dimensional review scope provides a holistic institutional view that can be tailored to any particular area of interest. We assess the following key aspects:

  • Culture: Evaluate the organization’s culture and its impact on AML/CFT compliance.
  • Governance: Assess the effectiveness of governance structures in ensuring AML/CFT compliance.
  • Risk Management: Review risk management processes and their alignment with AML/CFT regulations.
  • Monitoring Process: Analyze the monitoring process to ensure timely detection and reporting of suspicious transactions.
  • Staffing: Evaluate staffing levels and expertise to ensure adequate resources for AML/CFT compliance.
  • AML Tools: Assess the effectiveness of AML tools in detecting and preventing money laundering.

AML Health Check Process

The results are presented in a corroborate and supporting rationale. The analysis is done on a best effort basis taking into account the Belgian regulatory framework and market practices, the analysis does not advise on the regulatory reporting matter.

PwC’s experienced team has conducted numerous AML/CFT assessments for various clients, including one of the largest Polish banks, one of the top 5 Polish banks, an international banking group, and an online sport betting company operating in Poland. Our team is well-equipped to help you navigate the complexities of AML/CFT regulations and ensure compliance with Belgian laws.

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By choosing PwC for your AML/CFT needs, you can trust that our expertise will guide you through the process and provide you with the best possible outcome. Contact us today to learn more about how we can help.