NBB anti-money laundering regulation of 21 November 2017 - Article 1

Art. 1

For the purposes of this Regulation, the following definitions shall apply:

1° “the Law”: the Law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash;

2° “the Bank”: the National Bank of Belgium;

3° “obliged financial institution”: an obliged entity as referred to in Article 2;

4° “AMLCO”: the person(s) appointed pursuant to Article 9, § 2, of the Law;

5° “occasional transaction”: a transaction as referred to in Article 21, § 1, 2°, a) or b), of the Law;

6° “atypical transaction”: a transaction that is not consistent with the characteristics of the customer, the nature and purpose of the business relationship or transaction concerned, or with the customer’s risk profile and which, consequently, may be linked to money laundering or terrorist financing;

7° “numbered account or contract”: an account or contract whose particulars do not include the customer’s identity or which is registered by the obliged financial entity in its database with no mention of this identity;

8° “professional counterparty”: a customer who is a professional client within the meaning of Article 2, 1st indent, 28°, of the Law of 2 August 2002 on the supervision of the financial sector and on financial services, as specified in section I, 1st indent, of Annex A of the Royal Decree of 3 June 2007 laying down detailed rules on the implementation of the Directive on markets in financial instruments, or who is an eligible counterparty within the meaning of Article 2, 1st indent, 30° of the above-mentioned Law of 2 August 2002, as stipulated in Article 3, § 1, 1st indent, of the above-mentioned Royal Decree of 3 June 2007 ;

Other terms used in this Regulation shall have the same meaning as in the Law.

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