RegAlert2018-01-24 | NBB_2018_02Added
Circular NBB_2018_02: Overall assessment of money laundering and terrorist financing risks
Financial institutions supervised by the National Bank of Belgium must implement a continuous overall risk assessment of money laundering and terrorist financing risks under Articles 16 and 17 of the ML/FT Law. Institutions are required to submit a first version of specified annexes by 1 April 2018 and the final version by 15 July 2018. Remedial measures identified during this initial assessment must be implemented by 1 July 2019, with possible postponement requests due by 31 May 2019 and extensions granted until 1 January 2020. Updated assessments and annexes must be submitted simultaneously with the annual activity report thereafter.
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NBB_2018_02 – 24 January 2018 Circular – P. 1/6 Boulevard de Berlaimont 14 – BE-1000 Brussels Phone +32 2 221 24 33 – fax +32 2 221 31 04 Company number: 0203.201.340 RPM (Trade Register) Brussels www.nbb.be Circular Brussels, 24 January 2018 Reference: NBB_2018_02 Contact person:
Catherine Terrier
Phone +32 2 221 45 32 – fax +32 2 221 31 04 catherine.terrier@nbb.be Overall assessment of money laundering and terrorist financing risks Scope All companies subject to supervision by the National Bank of Belgium that fall within the scope of the Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash, including:
- all credit institutions, including European and non-European branches;
- all stockbroking firms, including European and non-European branches;
- all insurance companies authorised to conduct life insurance business, including European
and non-European branches; - all payment institutions and electronic money institutions governed by Belgian law, including
branches established in Belgium of European and non-European institutions, and payment institutions and electronic money institutions authorised in another European Economic Area country which are required to designate a central contact point in Belgium; - all settlement institutions falling within the scope of the Law of 18 September 2017.
Summary/Objectives
In this circular, the National Bank of Belgium (hereinafter "the Bank") on the one hand provides information on its expectations regarding the overall risk assessment to be carried out by the financial institutions under Articles 16 and 17 of the Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash (hereinafter “the ML/FT Law”). On the other hand, the Bank also requests certain information from the financial institutions through this circular, in order for it to be able to monitor compliance with this obligation in a targeted manner.
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Lineage: In force
Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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