Regulatory Alerts2020-01-23 | NBB_2020_002Added · Updated
Horizontal control analysis examining a sample of summary tables of the overall assessment of the risks of money laundering and/or terrorist financing
The National Bank of Belgium requires financial institutions supervised by the Bank to review and update their Overall Risk Assessments (ORA) following a horizontal control analysis of 2018 summary tables. Institutions must ensure their ORA processes are risk-based, consistently identify all significant activities and risk factors, and distinguish between inherent risk identification and residual risk management. Updated ORA summary tables and conclusions regarding any necessary reviews must be reported in the AMLCO’s annual activity report submitted by 30 June 2020.
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