On Oct. 29, BEL CB updated fit & proper expectations as per 2019 act.
BEL CB informed credit institutions of fit & proper prudential expectations arising from application of Act of Apr. 22, 2019 introducing a banker’s oath and disciplinary regime.
Follows BEL GVT Feb. 2024, issued decree, oath and disciplinary regime, see #200599.
Objective
BEL CB advises on suitability (fit and proper) assessment of senior managers and heads of independent control functions as per Apr. 22, 2019 act (act) requirements.
Act introduced a banker’s oath and disciplinary regime for banking service providers.
Fit and Proper
New candidates for a role subject to fit and proper assessment, should obtain non-disqualification certificate from BEL FSMA and provide to supervisory authority.
BEL CB recommend candidates fulfil that process as required from Jan. 15, 2025.
Senior managers and heads of independent control functions should voluntarily inform their credit institution upon learning that a BEL FSMA auditor is investigating them.
Instances where BEL FSMA is conducting or has conducted an investigation, as per art. 5 s.1 of act, against them and that the institution assess the impact as a result.
Such as individual's fitness and propriety and inform supervisory authority of results of this reassessment, and also, credit institutions update their fit and proper policy.
Effectiveness
Accordingly, BEL CB expects credit institutions that fall within scope to update their fit and proper policy by Mar. 31, 2025 to incorporate relevant provisions of the act.
Regulators
BEL CB
Entity Types
Bank
Reference
Cir NBB_2024_16, 10/29/2024
Functions
Compliance; C-Suite; HR; Legal; Reporting; Risk; Training
