Money laundering: KBC clients in sectors at risk will pay higher costs

Money laundering: KBC clients in sectors at risk will pay higher costs
Credit: Belga

KBC clients involved in waste processing, betting, night shops – or any other sector where the risk of money laundering is estimated to be higher – have had to pay more for their banking services since the beginning of this month.

From now on, Belgian bank has decided to pass on the extra costs it incurs in the fight against money laundering to customers at risk, De Tijd reports.

Sole proprietors, as well as legal entities that KBC considers the riskiest, will be informed of the new rates, the bank confirms.

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The amount of those costs depends on the client, says KBC.

The additional invoice is settled annually and is proportional to the risk profile of the company and the associated costs that the bank has to incur to comply with the anti-money laundering legislation. KBC, therefore, does not pass on the rising rates to all its customers. Not even all customers in risky sectors are targeted.

Only a "tiny fraction" will have to pay more from now on, KBC says.


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