Image credit: Antwerp Diamond District (Facebook)
The law will come into effect 6 months after publication in the Belgian Official Gazette, AWDC reported.
According to the new legislation, basic banking services are guaranteed to all Belgian companies, and the law will stand in defense of companies if they have been denied basic banking services by a Belgian financial institution at least 3 times or when their bank accounts have been closed.
Unless contrary to Anti Money Laundering (AML) legislation, Belgian financial institutions are obligated to sufficiently motivate their decision to refuse basic banking services to a Belgian enterprise or to close its bank account(s), within 10 days after the request to open a bank account.
When a Belgian enterprise is denied basic banking services at least three times by Belgian financial institutions, that company can submit a request to the Basic Banking Services Chamber (to be established within the FPS Economy by Royal Decree) which will then designate a Belgian financial institution that is obliged to provide basic banking services to the requesting company.
The law specifies that it applies for both dollar and euro accounts. In particular, for risk-sensitive sectors (the diamond sector included), specific risk-mitigating measures or Codes of Conduct need to be established per Royal Decree.
Alex Shishlo for Rough&Polished
