The bank faces charges of money laundering and cooperation in tax fraud regarding Belgium clients.
The actions concern Belgium residents who have repatriated assets as from 2005 as part of the process of disclosing foreignly held assets.
The bank accepts no wrongdoing as noted that no reason for reporting was found after analysing the respective repatriation.
Several wealthy and known Belgiums are linked to the scandal (E.g. Engles owners) who repatriated millions from suits based accounts.
The bank claims to have been upgrading its system for detection of tax evasion and that it has fulfilled its obligations.
Source
https://www.riskscreen.com/kyc360/news/kbc-bank-charged-in-money-laundering-tax-fraud-case/
