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NEW ANTI-MONEY LAUNDERING ACT PUBLISHED IN THE BELGIAN OFFICIAL JOURNAL

17.10.2017

A new Anti-Money Laundering Act has been published in the Belgian Official journal of 6 October 2017, implementing EU directive 2015/849. The Act will replace the previous anti-money laundering act of 1993 and will be effective as of 16 October 2017. Innovations under this Act include:

  • a broadening of the scope of the obliged entities
  • a new risk assessment procedure
  • the introduction of simplified and enhanced customer due diligence
  • an obligation to hold and provide beneficial ownership information, and the introduction of  a national central register for beneficial ownership information
  • a revision of the role and responsibilities of the CFI (Cel Financiële Informatieverwerking)
  • an introduction of a maximum term for data retention
  • an improvement of the cooperation between the financial intelligence units and the European Commission
  • the creation of additional administrative and criminal sanctions for breaches of the requirements of this Act.

The full memorandum on the new Anti-Money Laundering Act can be found here.

NEW ANTI-MONEY LAUNDERING ACT PUBLISHED IN THE BELGIAN OFFICIAL JOURNAL

A new Anti-Money Laundering Act has been published in the Belgian Official journal of 6 October 2017, implementing EU directive 2015/849. The Act will replace the previous anti-money laundering act of 1993 and will be effective as of 16 October 2017. Innovations under this Act include:

  • a broadening of the scope of the obliged entities
  • a new risk assessment procedure
  • the introduction of simplified and enhanced customer due diligence
  • an obligation to hold and provide beneficial ownership information, and the introduction of  a national central register for beneficial ownership information
  • a revision of the role and responsibilities of the CFI (Cel Financiële Informatieverwerking)
  • an introduction of a maximum term for data retention
  • an improvement of the cooperation between the financial intelligence units and the European Commission
  • the creation of additional administrative and criminal sanctions for breaches of the requirements of this Act.

The full memorandum on the new Anti-Money Laundering Act can be found here.