Belgium’s banks are facing major legal battle from diamond dealers in Antwerp

Belgian banks seem to have overdone it being all out to comply with anti-money-laundering rules after they went into effect in Europe. Following the de-risking strategy, some of them froze the bank dollar accounts of diamond dealers working in Antwerp, who are now trying to regain access to their money, according to a report of Deutsche Welle.
One of the Antwerp-based diamond dealers, Robin van Beurden successfully sewed his bank for blocking his dollar accounts when it implemented EU anti-money laundering rules. He said diamond dealers in Antwerp are facing similar problems and they are clubbing together to take on the banks.
“Banks in Belgium have excluded diamond dealers from their bank accounts, so we believe there’ll be a class action because you cannot see this otherwise than discrimination of an entire industry,” Van Beurden said adding that the case will be titled a group claim against one or more Belgium’s financial institutions and diamond dealers will be seeking legal protection for their accounts.
The Antwerp World Diamond Centre, which is officially representing and coordinating the Antwerp diamond sector, said that the aggressive de-risking of the banks has adverse effect from the beginning including situations when diamond dealers with their accounts blocked had to pay their employees in cash money, something obviously running counter to anti-money-laundering measures.
The Belgium banking sector said in a statement that every bank has a legal incompliance department which will analyze the complaints of the clients in light of this legislation and possible litigation procedures.
“It’s a rocky time for Antwerp’s diamond sector with perhaps a major legal battle against the banks on the horizon,” Deutsche Welle said in conclusion.