External whistleblowing: Comments and recommendations by the NBB

The NBB has set up a mechanism for the reporting of breaches of the Anti-Money Laundering Law and regulations (external reporting (whistleblowing)). 

The reporting mechanism’s details are set out here.

The NBB recommends that financial institutions make reference, in writing and including the above hyperlink, to the NBB’s external reporting mechanism as part of the training sessions required by Article 11 of the Anti-Money Laundering Law.

The NBB’s external reporting mechanism does not replace the internal procedures for reporting breaches that financial institutions must put in place pursuant to Article 10 of the Anti-Money Laundering Law to enable members of their staff, their agents and, where applicable, their distributors, to report breaches of the Anti-Money Laundering Law and regulations to the AMLCO and to the senior officer responsible for AML/CFTP, on a confidential or anonymous basis and by means of a dedicated and independent channel (see “Internal Whistleblowing”).

1. Who can report?

The NBB's external reporting mechanism can be used by anyone wishing to report any potential or actual breach of the provisions of the AML/CFTP legislation and regulations by financial institutions subject to the supervision of the NBB, as set out in the Scope section.

The external reporting mechanism is accessible to members of a financial institution’s staff, its agents or subcontractors and to intermediaries, agents and distributors as well as any other third party.

2. Which breaches to report?

In relation to AML/CFTP, the NBB’s external reporting mechanism can be used to report suspected or actual breaches of the following statutory and regulatory provisions:

i. the Anti-Money Laundering Law,

ii. the Anti-Money Laundering Regulation of the NBB,

iii. the implementing measures of Directive (EU) 2015/849,

iv. the EU Transfers of Funds and of certain Crypto-assets Regulation, and

v. the binding provisions relating to financial embargoes as defined in Article 4 (6) of the Anti-Money Laundering Law;

provided that these breaches have been committed by a financial institution that is subject to supervision by the NBB or by its managers, staff members, agents, subcontractors or distributors. 

3. Protection afforded to reporting persons

Article 90, paragraphs 4 and 5 of the Anti-Money Laundering Law and, insofar as they are more favourable, the provisions of Chapters 6 and 7 of the Act of 28 November 2022 on the protection of persons who report breaches (see the Circular NBB_2024_15), prohibit retaliation against reporting persons acting in good faith. These provisions prohibit any civil, penal or disciplinary proceedings, any professional sanctions and any unfavourable or discriminatory treatment, and any termination of the employment contract of the reporting person.  The Bank may impose an administrative sanction on any financial institution contravening any of these prohibitions.

The NBB may not inform the financial institution that is the subject of the report, or any third party, of the identity of the reporting person; it may only use the information provided for the purpose of discharging its statutory duties and in compliance with the professional secrecy regime laid down in the Act of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium. The protection of the reporting person and of the person(s) claimed to be in breach is therefore guaranteed.

Should the reporting person be subject to unfavourable or discriminatory treatment, they may submit a new external report to inform the NBB.

4. Action undertaken pursuant to the report

The NBB analyses the information it receives from the reporting person and takes thereupon the action it deems appropriate in the carrying out of its duties to supervise ML/FTP prevention mechanisms.

The NBB and the persons involved in discharging its supervisory duties are bound by professional secrecy; accordingly, the reporting person cannot be informed of the actions undertaken pursuant to the reported information.

5. Processing of personal data

The name and contact details of the reporting person are recorded by the NBB. The NBB processes these data solely for the purpose of the investigation to which the report gives rise and in accordance with the applicable regulations on the processing of personal data. The NBB handles these data confidentially. However, the NBB cannot rule out the possibility that it may in certain circumstances and by virtue of a statutory obligation, have to disclose these data to other persons, in which case it will notify the person concerned beforehand.

The data relating to persons claimed to be in breach are identically processed in accordance with applicable legislation on personal data protection.

Disclaimer: This English text is an unofficial translation and may not be used as a basis for resolving any dispute.