Belgian Banks to Establish a Platform to Reveal Anti-Money Laundering data
Belgium’s one of the leading bank chain has now suggested developing a platform that will allow passing on the information regarding any suspicious transaction and suspects with the authorities in Belgium in order to eradicate money laundering operations.
The bank chain includes ING Belgium, KBC Bank, and Belfius Bank that has stepped forward and proposed at the parliament in a reply to criticism about failures at anti-money laundering after FinCEN files were released.
A report by the International Consortium of Investigative Journalists states that the banks have asked for a law that enables them to set a safe system that shares data about the entities that are expected of laundering money.
Five Dutch Banks in the Netherlands, ABN Amro, ING, Rabobank, Triodos Bank, and de Volksbank have a similar system set up due to the Transaction Monitoring Netherlands in connection with the Dutch Bank Association.
This proposal by Belgium banks is following an agreement between European Finance ministers to develop a new European Union level authority that has the ability to interfere when organizations are at risk and take action adobe the national regulatory body in some cases.
This is a step taken by European Union ministers as a way to harmonize the AML regulations in Europe and to develop better coordination by the European Union’s member state’s financial intelligence.
Phil Rolfe, CEO of P2 Consulting says and formerly the head of anti-money laundering at the Royal Bank of Scotland, “The biggest banks sharing AML data to help spot criminal activity across the wider system is great news for law enforcement and bad news for financial criminals. Increasing collaboration and data sharing is the only way that banks and financial; institutions are going to get a step ahead of the criminal fraternity.”