RegAlert2020-09-15 | NBB_2020_36Added · Updated
Communication NBB_2020_36 / Law of 20 July 2020 on money laundering prevention and cash restriction
The Law of 20 July 2020 amends the Anti-Money Laundering Law to transpose Directive (EU) 2018/843 and introduces technical improvements. Financial institutions, including credit institutions, insurance companies, and payment institutions, must immediately review and update internal procedures to ensure compliance with the modified legal obligations. Specific attention is required for electronic money issuers regarding lowered identification thresholds and payment acquirers regarding anonymous prepaid cards from third countries. AMLCOs must document these updates in their 2020 annual reports, with copies submitted to the National Bank of Belgium no later than 30 June 2021.
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NBB_2020_36 – 15 September 2020 Communication – Page 1/3 boulevard de Berlaimont 14 – BE-1000 Brussels Phone: +32 2 221 30 17 Company number: 0203.201.340 RPM (Trade Register) Brussels www.nbb.be Communication Brussels, 15 September 2020 Reference: NBB_2020_36 Contact person:
Aline Waleffe
Phone: +32 2 221 51 86
Aline.Waleffe@nbb.be
Law of 20 July 2020 containing various provisions on the prevention of money laundering and terrorist financing and on the restriction of the use of cash Scope:
- credit institutions governed by Belgian law, including branches in Belgium of institutions
governed by the law of another country of the European Economic Area (EEA) or of a third country; - stockbroking firms governed by Belgian law, including branches in Belgium of firms
governed by the law of another EEA country or of a third country; - insurance companies governed by Belgian law that are authorised to carry out life
insurance activities, including branches in Belgium of companies governed by the law of another EEA country or of a third country; - payment institutions and electronic money institutions governed by Belgian law, including
branches in Belgium of institutions governed by the law of another EEA country or of a third country, and payment institutions and electronic money institutions authorised in another EEA country which are required to designate a central contact point in Belgium; - settlement institutions and institutions equivalent to settlement institutions governed by
Belgian law, including branches in Belgium of institutions governed by the law of another EEA country or of a third country.
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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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