3. Who are the local regulatory authorities in Belgium and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
The Financial Services and Markets Authority (FSMA)
Federal Public Service Finance, Belgian Financial Intelligence Unit (CTIF-CFI).
4. What is the status of Belgium’s FATF?
Belgium is the member of the FATF since 1990.
5. Which global regulations Belgium have to comply with?
Since Belgium is a member of FATF, it is obliged to comply with the FATF 40 recommendations and since it is a member of the European Union, it also has to comply with EU law (4AMLD, 5AMLD, 6AMLD).
6. What are AML obligations of the businesses in Belgium?
There are four main obligations on the businesses; development of internal policies, controls and procedures, risk assessment, customer and operations due diligence, analysis of atypical transactions and reporting obligations.
7. What are the local AML laws and regulations in Belgium?
The law of 13 May 2003, the act of 11 May 1995, the law of 25 April 2007, the act of 11 May 1995, the 18 September 2017.
8. What are the penalties for failure to comply with anti money laundering law in Belgium?
Article 505 of the Penal Code, penalties sets of imprisonment for up to five years.
9. What are the penalties for failure to comply with anti money laundering law in Belgium?
Belgian Financial Intelligence Unit (CTIF-CFI).
Avenue de la Toison d’Or/Gulden Vlieslaan, 55 b1, 1060 Brussels
T: (+32) 2 533 72 11
Federal Public Service Finance
Treasury, 30 Avenue des Arts/ Kunstlaan 30, 1040 Brussels
E: [email protected]
General Administration of Customs and Excise Duties, North Galaxy – box 37, Avenue Albert II, 33, 1030 Brussels
E: [email protected]
Telefon:(312) 415-29 00
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Yes, violations of anti-money laundering obligations are subject to criminal sanctions.
11. What can obliged institutions do to prevent money laundering and to comply with AML regulations?
In Belgium, in order to prevent money laundering activities, it is necessary to comply with the laws, so precautions such as Know Your Customer, Customer Due Diligence, Transaction Monitoring, and Transaction Screening should be taken in order to easily comply with these regulations. With Sanction Scanner solutions, organizations can comply with all regulations in Belgium.