Regulatory Alerts2022-11-16
Added · Updated
Decision of the National Bank of Belgium of 11 October 2022 regarding X
The National Bank of Belgium ordered electronic money institution X to fully comply with specific provisions of the Anti-Money Laundering Law within a prescribed period due to serious shortcomings in its internal control systems. The identified deficiencies include inadequate risk assessment for agents, lack of control over new agent contracts, insufficient continuous supervision of agents, and failures in customer identity verification. X has announced that it has taken measures to address these issues, which are currently being assessed by the Bank.