Regulatory Alerts2022-02-07 | NBB_2022_03Added · Updated
Prudential expectations in relation to the de-risking phenomenon
Financial institutions under the National Bank of Belgium's supervision must implement balanced AML/CFT policies that prohibit the blanket refusal or termination of business relationships with entire customer categories based on general criteria such as economic sector or high-risk country links. Institutions are required to conduct individual risk assessments for each customer or occasional transactions of €10,000 or more, applying enhanced due diligence measures rather than automatic exclusion. The circular mandates the repeal of customer acceptance policies that a priori prohibit services like payment accounts for specific groups and clarifies that correspondent banks must evaluate the quality of due diligence measures rather than refusing relationships solely due to a client's high-risk customer profile.