Regulatory Alerts2024-12-11 | NBB_2024_19Added · Updated
Results of the horizontal supervisory review of compliance by credit institutions with their obligations regarding targeted financial sanctions in the context of domestic transactions
The National Bank of Belgium reports that credit institutions generally comply with obligations to screen customers and counterparties against UN, EU, and Belgian sanctions lists, with most rescreening databases at least daily. The review highlights that only 22 surveyed institutions do not produce daily alert statistics for their AMLCOs, and identifies best practices such as centralized monitoring, reconciliation of external lists with official sources, and automated data quality checks. The document also draws attention to new European Banking Authority Guidelines on internal policies for restrictive measures, which will enter into force on 30 December 2025.