Anti-Money Laundering Law: New Duties for Belgian Businesses

The fight against money laundering and terrorist financing is an absolute priority for the Belgian and European authorities. Since the adoption of the sixth anti-money laundering directive (AMLD6) at European level and the tightening of national legislation, Belgian entrepreneurs face an increasingly demanding regulatory framework. Ignoring these obligations can lead to substantial financial penalties, or even criminal prosecution. This detailed guide helps you understand and meet all your obligations.

Belgium's Anti-Money Laundering Legal Framework: A Complex Architecture

The founding law of 18 September 2017

The law of 18 September 2017 on the prevention of money laundering and terrorist financing forms the bedrock of Belgian regulation. This law transposes the fourth European anti-money laundering directive (Directive 2015/849) and has been successively amended to incorporate the requirements of the fifth directive (Directive 2018/843) and the sixth directive.

The key texts to know:

• Law of 18 September 2017 (Belgian Official Gazette of 6 October 2017): the founding text
• Royal Decree of 30 July 2018: the arrangements for the UBO register
• Law of 20 July 2020: transposition of the 5th directive, strengthening transparency obligations
• European Regulation 2024/1624 (AMLR): a single anti-money laundering regulation, directly applicable
• Directive 2024/1640 (AMLD6): the sixth directive, establishing the European Anti-Money Laundering Authority (AMLA), based in Frankfurt

The Belgian supervisory authorities

Several institutions oversee compliance with the regulation:

Who Is Affected? A Detailed List of Obliged Entities

Financial professions

• Credit institutions (banks) licensed by the NBB
• Insurance and reinsurance companies (mainly life insurance)
• Stockbroking firms and investment firms
• Payment institutions and electronic money institutions
• Virtual asset service providers (crypto-assets) — subject to the law since 20 July 2020 and registered with the FSMA
• Collective investment undertakings
• Lenders and credit intermediaries

Designated non-financial businesses and professions (DNFBP)

• Certified accountants and tax advisers certified by the ITAA (Institute for Tax Advisors and Accountants)
• Statutory auditors registered with the IBR (Institut des Réviseurs d'Entreprises)
• Lawyers — only when assisting clients with certain transactions (real estate, company formation, fund management)
• Notaries — for the whole of their activities
• Estate agents registered with the IPI (Institut Professionnel des Agents Immobiliers)
• Bailiffs
• Auctioneers and art dealers for transactions of EUR 10,000 or more
• Diamond dealers registered with FPS Economy
• Corporate service providers (registered-office providers, company directors, etc.)

Obligations extended to ALL Belgian companies

Even if your company is not an "obliged entity", you still have specific duties:

1. Registering and updating the UBO register — a requirement for every entity registered with the Crossroads Bank for Enterprises (BCE)
2. Keeping records relating to shareholders and beneficial owners
3. Cooperating with the authorities when they request information
4. Keeping a shareholder register (for SRLs and SAs)

The UBO Register in Detail

What is the UBO register?

The UBO register (Ultimate Beneficial Owner register) is a central database managed by FPS Finance (General Administration of the Treasury). It records the natural persons who ultimately own or control Belgian companies and legal entities.

Who must be declared as a beneficial owner?

For companies (SRL, SA, SC, SNC, SComm)

The following must be declared:

1. Natural persons who hold, directly or indirectly, more than 25% of the voting rights in the company
2. Natural persons who hold, directly or indirectly, more than 25% of the capital or shares in the company
3. Natural persons who exercise control over the company by other means (shareholder agreement, veto right, dominant influence)
4. Where no beneficial owner can be identified under the criteria above: senior management staff (directors, managers)

Concrete example: Mr Dupont holds 30% of the shares of a Brussels SRL, and Ms Martin holds 70%. Both must be declared. If those shares are held through a Luxembourg holding company (SàRL), the chain of control must be traced back to identify the natural persons at the top.

For non-profit associations (ASBL) and foundations

The following must be declared:

• The members of the board of directors
• The persons authorised to represent the association
• The persons responsible for day-to-day management
• The founders (for foundations)
• The beneficiaries or categories of beneficiaries
• Any natural person exercising ultimate control

For trusts and similar legal arrangements

• The settlor
• The trustee(s)
• The protector (where applicable)
• The beneficiaries or categories of beneficiaries

The declaration procedure, step by step

1. Log in to MyMinFin (myminfinpro.be) with your eID card, the itsme app or a token
2. Access the UBO application through the portal (ubo.finances.belgium.be)
3. Identify yourself as the legal representative or agent of the entity
4. Enter each beneficial owner's details:
   • First name, surname, date of birth
   • Nationality and address of residence
   • National Register number (for Belgian residents) or bis identification number
   • The date on which the person became a beneficial owner
   • The percentage held (direct and/or indirect)
   • The category of beneficial owner (1, 2, 3 or 4)
5. Attach the supporting documents (mandatory since 2020)
6. Validate and keep the acknowledgement of receipt

Required supporting documents

Update calendar

• Update within one month of any change (change of shareholder, change in percentage held, change of the beneficial owner's address)
• Annual confirmation: you must confirm each year that the data is still accurate, even without any change
• Checks by obliged entities: your bank, accountant or notary must check the UBO register and report any discrepancy

Costs

Access to and declaration on the UBO register is free for the declaring entities. However, access for third parties (obliged entities, authorised members of the public) may be subject to a fee (a modest charge per consultation).

The Duty of Vigilance (KYC): A Guide for Obliged Entities

The three levels of vigilance

1. Simplified vigilance

Applicable where the money laundering risk is clearly low:

• A customer resident in an EU country
• A company listed on an EU stock exchange
• A Belgian public authority or body

Measures: customer identification, but with lighter verification.

2. Standard vigilance

This is the default regime, applicable to most business relationships:

• Customer identification: first name, surname, date of birth, address, National Register number
• Identity verification: based on a valid document (ID card, passport)
• Identification of the beneficial owner: checking the UBO register plus your own verification
• Understanding the purpose of the relationship: the nature of the activity, the source of the funds
• Ongoing monitoring: reviewing transactions, periodically updating the data

3. Enhanced vigilance

Mandatory in high-risk situations:

• A customer or beneficial owner resident in a high-risk third country (list regularly updated by the European Commission)
• A politically exposed person (PEP): head of state, member of parliament, senior judge, head of a public company, and their close associates
• Correspondent banking relationships with banks in third countries
• Complex or unusually large transactions with no apparent economic justification
• Cash transactions of significant amounts

Enhanced measures: management approval for the relationship, tracing the source of funds, enhanced transaction monitoring.

Reporting suspicions to the CTIF

When must you report?

You must report to the CTIF when:

• You know or suspect that a transaction is linked to money laundering or terrorist financing
• You have reasonable grounds to suspect a link to criminal activity
• You cannot complete the vigilance measures (you are unable to identify the beneficial owner)

Examples of warning signs:

• A customer insists on paying EUR 45,000 in cash for a property
• A newly formed company receives large transfers from abroad with no apparent commercial activity
• A customer carries out multiple transactions just below the EUR 3,000 threshold (structuring)
• A customer refuses to provide information about the source of their funds
• Complex transactions involving companies in tax havens with no economic justification

How do you report?

1. Online via the CTIF's secure portal: goaml.ctif-cfi.be
2. By secure mail in exceptional cases
3. Deadline: the report must be made without delay (before the transaction is executed, if possible)

Protection for the person reporting

• Immunity from liability: no civil or criminal proceedings for a good-faith report (Article 53 of the law of 18 September 2017)
• Confidentiality: the identity of the person reporting is strictly confidential
• Protection against retaliation: it is prohibited to dismiss an employee who has made a report

The ban on "tipping off"

Article 55 of the law strictly prohibits:

• Informing the customer that a suspicious transaction report has been made
• Disclosing that an investigation is under way
• Communicating the content of the report to an unauthorised third party

Sanction: imprisonment of three months to three years and/or a fine of EUR 50 to 10,000 (Article 66 of the law).

Limits on Cash Payments

Belgium imposes strict limits on cash payments:

Concrete example: a Brussels shopkeeper who accepts a cash payment of EUR 4,500 for IT equipment risks a fine of between EUR 250 and EUR 225,000.

Specific Obligations for Virtual Asset Service Providers

Since the law of 20 July 2020 and the MiCA regulation (Markets in Crypto-Assets), crypto-asset service providers established in Belgium must:

1. Register with the FSMA before carrying out any activity
2. Apply KYC measures identical to those of traditional financial institutions
3. Report suspicious transactions to the CTIF
4. Comply with the "travel rule": transmit information on the sender and recipient for every crypto-asset transfer
5. Verify identity for every transaction, from the very first euro (no minimum threshold)

Specific sanctions: removal from the FSMA register, administrative fines of up to EUR 5 million or 10% of annual turnover.

Detailed Sanctions

Administrative sanctions

For legal persons, fines can be multiplied by a factor of up to 10 and reach 10% of annual turnover in the most serious cases.

Criminal sanctions

• Money laundering (Art. 505 of the Criminal Code): imprisonment of 15 days to five years and a fine of EUR 26 to 100,000 (multiplied by the additional decimes, currently x8, so up to EUR 800,000)
• Terrorist financing (Art. 141 of the Criminal Code): imprisonment of five to ten years
• Criminal association for money laundering purposes: aggravated penalties

Disciplinary sanctions

Regulated professionals (ITAA accountants, IBR auditors, lawyers, notaries) also face disciplinary sanctions:

• Warning or reprimand
• Suspension of the right to practise (one month to one year)
• Removal from the professional register

A Practical Action Plan for Entrepreneurs

Anti-money laundering compliance checklist

For ANY Belgian company

• UBO register completed and up to date on myminfinpro.be
• Annual confirmation carried out
• Supporting documents uploaded to the UBO register
• Shareholder register kept at the registered office
• Cash payment limits respected (EUR 3,000 maximum)

For obliged entities (in addition)

• Overall risk assessment documented and kept up to date
• Internal KYC procedures formalised in an internal manual
• Anti-money laundering compliance officer (AMLCO) appointed
• Anti-money laundering training provided to all staff (annually)
• Transaction monitoring system operational
• Documents and data kept for at least 10 years
• A procedure for reporting suspicions to the CTIF in place
• Systematic screening against sanctions lists (EU, UN, OFAC)
• PEP (politically exposed person) screening integrated

Estimated cost of compliance

Useful resources

• CTIF: ctif-cfi.be — practical guide for suspicious transaction reports
• FPS Finance — UBO Register: finances.belgium.be/fr/E-services/uboregister
• FSMA: fsma.be — registration of virtual asset service providers
• ITAA: itaa.be — anti-money laundering standards for accountants and tax advisers
• IBR: ibr-ire.be — standards for statutory auditors
• European Commission: list of high-risk third countries (regularly updated)

Developments to Watch: AMLA and the New European Framework

2026 marks a turning point with the progressive rollout of the AMLA (Anti-Money Laundering Authority), the new European anti-money laundering authority based in Frankfurt. Its missions:

• Direct supervision of the highest-risk financial entities in the EU
• Coordination of national financial intelligence units (such as Belgium's CTIF)
• Harmonisation of supervisory practices across the 27 Member States
• A central database of bank accounts accessible to national financial intelligence units

The AMLR regulation (2024/1624), directly applicable without transposition, standardises KYC rules, vigilance thresholds and reporting obligations across the EU. Belgian businesses must prepare for these changes.

Conclusion

Anti-money laundering obligations are not a simple bureaucratic exercise: they protect the integrity of the Belgian and European economic system. For entrepreneurs, failing to comply with these rules carries a considerable financial and criminal risk. The UBO register, KYC procedures and reporting suspicions to the CTIF are the three pillars of solid compliance. Invest in training your teams, document your procedures, and do not hesitate to consult a specialist lawyer or your professional body to stay up to date. Prevention always costs less than the sanction.