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KBC facing AML investigation

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/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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