On July 10, 2023, BNP Paribas Fortis, Belgium’s largest bank, was fined USD 16.5 million by the Belgian National Bank for its failure to comply with internal procedures against money laundering.
An investigation conducted by the National Bank revealed that inadequate measures were implemented to combat money laundering between November 2014 and June 2019 in the Belgian subsidiary of BNP Paribas.
The bank was found to have insufficient internal control policies and a flawed customer verification process specifically for individuals involved in trading precious metals.
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On May 30, 2024, the European Union Council published a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
The EU AML Package consists of:
• Sixth Anti-Money Laundering Directive:
• Organizes national authorities to combat money laundering and terrorism financing.
• Creates Centralized Bank Account Registers for single access point data
• Harmonizes the format of bank statements for better tracing and confiscating crime proceeds.
• EU "Single Rulebook" Regulation:
• Harmonizes anti-money laundering rules across the EU.
• Includes new entities like crypto-sector, luxury goods traders, football clubs, and agents.
• Sets EUR 10,000 limit on cash payments
• Imposes stricter due diligence standards and regulates disclosure of beneficial ownership.
• Anti-Money Laundering Authority:
• Based in Frankfurt, it will have supervisory powers over...
