Regulatory Alerts2021-07-06 | NBB_2021_17Added · Updated
Circular NBB_2021_17 / Fiscal prevention policy
Financial institutions must establish a fiscal prevention policy comprising a policy memorandum, staff guidelines, internal control procedures, internal audit monitoring, staff training, and senior management deliberations. Institutions are prohibited from setting up special mechanisms that facilitate tax fraud, and must critically review and update their existing policies to ensure irreproachable conduct in the tax field. This circular replaces previous guidance from 1997 and 2001 and applies immediately to credit institutions, stockbroking firms, payment institutions, electronic money institutions, (re)insurance companies, central securities depositories, and central counterparties.
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