Regulatory Alerts2020-09-15 | 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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