On Jul. 25, BEL GVT issued law and gazette on banking for companies.
BEL GVT issued Royal decree (OG 2024007447) amending the Royal decree Dec. 16, 2022 on the basic banking service for companies, and provisions of other currencies.
Currencies and AML Provisions
Code of Economic Law provides provision of offering the basic banking service for the services referred to in Article I.9, 1°, c), and use of US dollars and other currencies.
Specifically, at request of company or diplomatic mission for using other currencies.
King has authority to impose additional conditions or restrictions necessary to limit the specific risks inherent in payments in other currencies, such as money laundering.
As per Article VII.59/4, § 3, fourth paragraph, Code of Economic Law authorizes the King to determine refusal in strengthening the fight against fraud and AML/CFT.
This is in context of anti-money laundering and countering the financing of terrorism.
Also, in the context of compliance with financial sanctions, and the basic banking service chamber has a limited competence and must list objective and clear criteria.
The lists published in implementation of binding provisions on financial embargoes, the Chamber examines national list of terrorist suspects whose assets have been frozen.
Includes the consolidated list of persons, groups and entities subject to EU financial sanctions, or the consolidated sanctions list of the United Nations Security Council.
Effectiveness
Decree OG 2024007447 is in force on Nov. 1, 2024.
Regulators
BEL GVT
Entity Types
B/D; Bank; Exch
Reference
OG 2024007447, PR, 7/25/2024; Citation: OG 2024007447;
