Home
/
Country Coverage
/
AML/CTF Legislation in Belgium​
flag of belgium

AML/CTF compliance in Belgium

MemberCheck's solutions for Belgium​
PEP and Sanction Check
Scan your clients aga inst global PEP & Sanction data sources.
Learn More
Adverse Media Check
Keep up to date on risks your clients face by using reliable worldwide media.
Learn More
ID Verification
Avoid prosecution, verify the identification of your Belgium customers.
Learn More
AML Consulting Service
Work with our accredited consultants to assess the money laundering and terrorism financing risk to your business.
Learn More

Belgium’s AML/CTF Authorities

continent of belgium

The Belgian Financial Intelligence Processing Unit - (CTIF-CFI)

The Belgian Financial Intelligence Processing Unit (CTIF-CFI) is the administrative authority, established under the Law on the prevention of money laundering and terrorist financing and on the restriction of the use of cash 2017 (AML Law), responsible for processing and disseminating information with view to combating ML/TF.

Financial Services and Markets Authority - (FSMA)

The supervisory authorities monitor compliance with the provisions of the AML Law. Among these supervisory authorities is the Financial Services and Markets Authority (FSMA), which is Belgium’s primary regulatory authority, tasked with overseeing AML/CTF compliance of most financial institutions.

How to comply with AML/CTF regulations in Belgium

The AML Law establishes a series of duties for the obliged entities. These include:

  • Duty to develop and implement policies, procedures and internal control measures that include:

    a. Risk management practices, customer and transaction due diligence, reporting of suspicions, record-keeping, internal control, management of compliance with the obligations of the AML Law;

    b. Where appropriate with regard to the nature and size of the obliged entity:

    i. Independent audit function charged with testing the policies, procedures and internal control measures;

    ii. Procedures for verifying the adequate integrity of staff members;

    c. Education of the staff on the AML Law, on ML/TF risks, on the identification of possible ML/TF related transactions and the course of action to be taken in such a case.
  • Duty to appoint the person responsible for supervising the implementation of and compliance with the provisions of the AML Law
  • Duty to appoint one or multiple persons charged with ensuring the implementation of the policies, procedures and internal control measures
  • Duty to establish procedures in order to enable staff to report non-compliance with the obligations of the AML Law through an independent and anonymous channel
  • Duty to carry an overall risk assessment to identify and assess the ML/TF risks to which they are exposed
  • Duty to carry out customer due diligence measures that involve:

    a. Identifying and verifying the identity of persons who establish a business relationship with the obliged entity and those who, outside the framework of a business relationship, occasionally carry out:

         i. One or more transactions that appear to be linked amounting to a total of EUR 10,000 or more; or

         ii. One or more credit transfers or transfers of funds that appear to be linked and that amount to a total of more than EUR 1,000, or regardless of the amount, if the obliged entity receives the funds concerned in cash or in the form of anonymous electronic money

    b. Where appropriate, identifying and verifying the identity of beneficial owners and agent(s) of customers

    c. Assessing the customer’s characteristics and the purpose and intended nature of the business relationship or occasional transaction

    d. Applying due diligence with regard to occasional transactions, as well as ongoing due diligence with regard to the transactions carried out during a business relationship, based on an individual ML/TF risk assessment

    e. Carrying out enhanced due diligence measures in special cases, for example, in the case of politically exposed persons (PEPs), their family members, and persons closely related to them
  • Duty to establish procedures in order to enable staff to report non-compliance with the obligations of the AML Law through an independent and anonymous channel
  • Duty to keep records of the data collected in the customer and transaction due diligence for a period of ten years after the end of the business relationship or after the date of an occasional transaction

What are my AML/CTF reporting obligations

Reporting of suspect transactions  

The obliged entities shall report to CTIF-CFI, when they know, suspect or have reasonable grounds to suspect:

  • That funds, regardless of the amount, are related to ML/TF;
  • That transactions or attempted transactions are related to ML/TF;
  • Other than the cases referred to in (1) and (2), that a fact of which they know, is related to ML/TF

The entities also report to CTIF-CFI the suspicious funds, transactions or attempted transactions and facts aforementioned, of which they know as part of activities carried out by them in another Member State of the EU without having a subsidiary, branch or other type of establishment through agents or distributors representing them there.

How can MemberCheck Help?

Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.

Request a demo

* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

Make your AML/CFT compliance effortless with MemberCheck ​
Contact Us