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.
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.
The AML Law establishes a series of duties for the obliged entities. These include:
The obliged entities shall report to CTIF-CFI, when they know, suspect or have reasonable grounds to suspect:
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.
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* 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.