content anti-money laundering and terrorist financing legislation

It is advisable to consult  the anti-money laundering legislation of 1993 and in particular the Royal Decree of 7 of October 2013  for a full and comprehensive understanding of the legal obligations for Belgian diamond traders regarding anti-money laundering and terrorist financing legislation.

In short, the anti-money laundering legislation comprises the following most important obligations for the Belgian registered diamond traders:

- Identification of clients and their agents by means of identity cards, passports, statutes, list of board of directors and verification of the assembled information;

- Identification of ultimate beneficiaries of clients and verification of the assembled information;

- Enhanced client due diligence in case of increased risk of money laundering or terrorist financing;

- Duty of vigilance regarding business relations and occasional transactions;

-Storage and updating of identification data;

- Drafting of a client acceptance policy

- Educating personnel and creating awareness with regard to the anti-money laundering legislation and designation of a responsible person for supervision and application of the anti-money laundering and terrorist financing legislation in the company of the diamond trader.

- Duty to notify the Belgian Intelligence Processing Unit (CFI)  of suspicious transactions related to money laundering or terrorist financing