Reporting domestic accounts and financial contracts
To whom does the reporting obligation apply?
Individuals are not required to report information about their domestic accounts.
Financial institutions operating in Belgium are required by law to report information on their customers’ domestic accounts, financial contracts concluded in Belgium and transactions involving cash carried out in Belgium to the Central Point of Contact for accounts and financial contracts (CPC). This information must be provided for both customers residing in Belgium and those residing abroad (natural and legal persons).
The Act of 8 July 2018 (available in Dutch and French) and the Royal Decree of 7 April 2019 (available in Dutch and French) detail the information reporting agents must submit about their customers to the CPC (for more information, see "Information to be reported" below).
Information to be reported
On a continuous basis:
- Belgian bank and payment accounts and powers of attorney for such accounts. For each account, the account number, the capacity of the customer (account holder or power-of-attorney holder) and the opening or closing date of the account must be reported;
- the existence of certain financial contracts concluded in Belgium: start or end date of the contractual relationship with the customer and type of contract, for example:
- rental of safe-deposit boxes;
- life insurance contracts belonging to insurance classes 21, 23, 25 or 26 (except for death insurance contracts and contracts concluded in the framework of one of the three pillars of the Belgian pension system);
- agreements relating to investment services and/or ancillary services;
- mortgage loans;
- instalment sales or loans;
- lease agreements;
- credit agreements;
- any other agreements under which a creditor provides funds to a natural or legal person, including unauthorised overdrafts on an account, or undertakes to provide funds to a company.
- the existence of certain financial transactions involving cash: the type of transaction, the capacity in which the customer is acting (on his or her own behalf or through an authorised representative) and the date of the transaction.
On a periodic basis:
- the balances of Belgian bank and payment accounts and the dates on which these balances were recorded (30/06/20yy or 31/12/20yy);
- the aggregate amounts of the following categories of financial contracts (and the dates on which these amounts were recorded):
- life insurance contracts belonging to insurance classes 21, 23, 25 or 26 (31/12/20yy);
- agreements relating to investment services and/or ancillary services (30/06/20yy or 31/12/20yy).
To enable identification of the persons behind these accounts, financial contracts and transactions involving cash, reporting agents must also submit the following information in each case:
- for natural persons: National Register number (or BIS number) or, in the absence thereof, full name, date of birth, place of birth (optional) and country of birth;
- for legal persons: registration number with the Crossroads Bank for Enterprises or, in the absence thereof, full name, legal form, if any, and country of establishment.
More information on the obligation to report domestic accounts, financial contracts and transactions involving cash is available from the Federal Public Service (FPS) Finance, which is required by law to answer your questions.
Should you have any questions, please contact the FPS Finance - Contact | FPS Finance (belgium.be).