Regulatory Alerts2021-06-14 | NBB_2021_12Added · Updated
Due diligence obligations regarding the repatriation of funds from abroad and tax regularisation under the Anti-Money Laundering Law
Credit institutions, stockbroking firms, and insurance companies engaged in asset management or single premium life insurance must conduct an internal audit of their due diligence procedures for repatriated funds by 30 June 2022. Institutions must submit an audit schedule by 31 October 2021 and provide the final report and any resulting action plan to the National Bank of Belgium. The guidelines clarify that reporting to CTIF-CFI is required only when there is suspicion of money laundering, not for every repatriation, and define the documentation standards for verifying fund origins and tax regularisation status.