Report a breach
Who can report a breach?
Anyone can notify the National Bank of Belgium of any potential or actual breach or violation of the provisions of the Belgian laws and European regulations, including all their statutory implementing provisions, concerning the status and supervision of financial institutions and the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, over which the National Bank of Belgium is responsible for exercising supervision.
What breaches can be reported?
This reporting mechanism is intended to facilitate reporting by persons acting in good faith of potential or actual breaches or violations of the laws and regulations concerning the status and supervision of financial institutions and the prevention of the use of the financial system for the purpose of money laundering or terrorist financing. The National Bank of Belgium supervises compliance with that legislation.
This mechanism is intended to facilitate the reporting of breaches committed by:
Financial institutions subject to the supervision of the National Bank of Belgium pursuant to Article 36/2 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium (i.e. credit institutions, investment firms with the status of stockbroking firm, insurance companies, reinsurance companies, mutual insurance associations, central counterparties, settlement institutions, institutions equivalent to settlement institutions, payment institutions and electronic money institutions); and
The prudential supervision authorities for the aforesaid Belgian or foreign financial institutions, including the National Bank of Belgium as the supervisory authority responsible for compliance with the rules on the prevention of money laundering.
Breaches or violations committed by credit institutions, financial holding companies, and mixed financial holding companies subject to the supervision of the European Central Bank (ECB) pursuant to Regulation (EU) n°1024/2013 of the Council of 15 October 2013 conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions (list available here) – must be reported directly to the ECB (link to the ECB’s website).
This reporting mechanism is not intended for dealing with breaches or violations of the provisions on consumer protection and the supervision of the financial markets. Those fall within the sphere of responsibility of the FSMA or FPS Economy.
Nor is this mechanism intended to provide advice, victim support or any financial compensation for the person reporting the breach.
What protection is there for the person reporting the breach?
Article 36/7/1 of the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium prohibits any civil, penal or disciplinary proceedings, any professional sanctions and any unfavourable or discriminatory treatment, and any termination of the employment contract of the person raising the alert. The Bank may impose an administrative sanction on any financial institution breaching that prohibition.
Furthermore, the National Bank of Belgium will use the information supplied in the breach report exclusively for the purpose of performing its legal tasks. That information is subject to the rules on professional secrecy laid down in the Law of 22 February 1998 establishing the organic statute of the National Bank of Belgium. The protection of the person reporting the breach and of the person accused in the report is therefore guaranteed.
What action will be taken on the report?
In carrying out its supervisory tasks the National Bank of Belgium analyses the information which it receives and takes the action that it deems appropriate.
Since the National Bank of Belgium and the persons involved in the performance of its supervisory tasks are bound by professional secrecy, the person reporting a breach cannot be informed of the action taken on the information received.
Processing of personal data
If you report a breach using the form made available here, the National Bank of Belgium (‘NBB’) will record your name and contact details. The NBB processes those data solely for the purpose of the investigation triggered by your report and in accordance with the current legislation on the processing of personal data. The NBB treats your data as confidential. However, the NBB cannot rule out the possibility that in certain circumstances, owing to a statutory obligation, your data must be disclosed to other persons, in which case you will be notified in advance.
The data relating to the persons accused in a report are likewise treated in accordance with the current legislation on personal data protection.