The National Bank of Belgium (NBB) has castigated Crelan, the country’s fifth-largest financial institution by total balance sheet, for shortcomings in its anti-money laundering policy, L’Echo and De Tijd report on Tuesday.
In December 2022, the NBB warned Crelan of its "significant failings" in terms of compliance with Belgium's 2017 anti-money laundering law. Deficiencies so serious that Crelan was ordered to remedy them immediately.
The NBB was particularly critical of Crelan’s failure to check (in real time) whether its customers’ international financial transactions involved persons and entities subject to sanctions, embargoes or other measures.
Despite the NBB’s insistence and a study commissioned by consultant Deloitte showing the need to the bank to react quickly, Crelan dragged its feet. Finally, with the help of Deloitte and in consultation with the supervisory authority, it eventually, according to several sources, drew up an action plan, complete with deadlines.
The details of this plan have not been specified, but Crelan says it is "cooperating fully with the regulators’ investigation." According to one source, the issue is a top priority for the bank. The bank is not immune from sanctions should it fall foul of the regulator.
