{ "jurisdiction_id": "BE", "jurisdiction": "Belgium", "url": "https://payments.gi/jurisdictions/belgium/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 70, "source_register": 159 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/belgium/#w1a-licensing-authorisation-market-access", "standing_position": "Belgium operates under PSD2 pending PSD3/PSR entry into force; as of April 2026 the PSD3/PSR package reached final EU approval stage (Council 'I' Item Note, COREPER referral), set to repeal PSD2/EMD2 and impose a single EMI/PI authorisation regime with a 30-month non-bank PSP reauthorisation window and Method-B default own-funds calculation.", "findings": [ { "finding": null, "instrument_type": "Law of 11 March 2018 (transposing PSD2 Title II) / NBB Application Guide", "source": "https://www.nbb.be/doc/cp/eng/2022/application_guide_payment_institutions.pdf", "source_url": "https://www.nbb.be/doc/cp/eng/2022/application_guide_payment_institutions.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSD2 'limited' waiver regime", "source": "https://www.nbb.be/doc/cp/eng/2022/application_guide_payment_institutions.pdf", "source_url": "https://www.ictrechtswijzer.be/en/crypto-assets-in-belgium-an-analysis-of-the-law-of-december-11-2025-and-the-implementation-of-mica/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EBA PSD2/EMD2 Register", "source": "https://www.eba.europa.eu/risk-and-data-analysis/data/registers/payment-institutions-register", "source_url": "https://www.ictrechtswijzer.be/en/crypto-assets-in-belgium-an-analysis-of-the-law-of-december-11-2025-and-the-implementation-of-mica/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBB fast-track relocation regime", "source": "https://paymentscompliance.com/premium-content/research_report/belgium-practical-guide-licensing-requirements-payment-institutions", "source_url": "https://www.ictrechtswijzer.be/en/crypto-assets-in-belgium-an-analysis-of-the-law-of-december-11-2025-and-the-implementation-of-mica/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSD2 capital requirements", "source": "https://regulatorycounsel.co.uk/payment-institutions/belgium", "source_url": "https://www.ictrechtswijzer.be/en/crypto-assets-in-belgium-an-analysis-of-the-law-of-december-11-2025-and-the-implementation-of-mica/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Law of 11 December 2025 (Belgian MiCA implementing act)", "source": "https://www.ictrechtswijzer.be/en/crypto-assets-in-belgium-an-analysis-of-the-law-of-december-11-2025-and-the-implementation-of-mica/", "source_url": "https://www.ictrechtswijzer.be/en/crypto-assets-in-belgium-an-analysis-of-the-law-of-december-11-2025-and-the-implementation-of-mica/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding requirements remain largely PSD2-aligned; PSD3 adds an option for PIs to safeguard customer funds directly at a central bank (at that bank's discretion), mitigating fund-concentration risk.", "findings": [ { "finding": null, "instrument_type": "NBB Safeguarding Circular / Law of 11 March 2018 Arts. 42, 194", "source": "https://www.twobirds.com/-/media/new-website-content/pdfs/2023/js_safeguarding_030223.pdf", "source_url": "https://www.twobirds.com/-/media/new-website-content/pdfs/2023/js_safeguarding_030223.pdf", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBB equivalent-safeguarding exception", "source": "https://www.twobirds.com/-/media/new-website-content/pdfs/2023/js_safeguarding_030223.pdf", "source_url": "https://mathieudesmet.blog/en/surcharges-psd2/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Book VII Code of Economic Law / Law of 19 July 2018", "source": "https://paymentscompliance.com/premium-content/research_report/belgium-practical-guide-licensing-requirements-payment-institutions", "source_url": "https://mathieudesmet.blog/en/surcharges-psd2/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Surcharge ban, Art. VII.30 §3 CEL", "source": "https://mathieudesmet.blog/en/surcharges-psd2/", "source_url": "https://mathieudesmet.blog/en/surcharges-psd2/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FSMA rules of conduct supervision", "source": "https://en.wikipedia.org/wiki/Financial_Services_and_Markets_Authority_(Belgium)", "source_url": "https://mathieudesmet.blog/en/surcharges-psd2/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FSMA unauthorised-offer enforcement", "source": "https://www.fsma.be/en/warnings-list-companies-operating-unlawfully-belgium", "source_url": "https://mathieudesmet.blog/en/surcharges-psd2/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w2-stablecoins-digital-money", "standing_position": "Belgium applies MiCA via the Law of 11 December 2025, splitting supervision on a twin-peaks basis: NBB is competent for ARTs and EMTs, while the FSMA supervises CASP authorisation/conduct and other crypto-asset white papers. A transitional regime for pre-existing CASPs runs to 1 July 2026.", "findings": [ { "finding": null, "instrument_type": "Law of 11 December 2025 (MiCA implementation)", "source": "https://www.fsma.be/en/crypto-asset-service-provider-casp", "source_url": "https://www.fsma.be/en/crypto-asset-service-provider-casp", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBB competence for ARTs/EMTs", "source": "https://www.ictrechtswijzer.be/en/crypto-assets-in-belgium-an-analysis-of-the-law-of-december-11-2025-and-the-implementation-of-mica/", "source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Pre-MiCA Royal Decree of 8 February 2022 (lapsed)", "source": "https://www.fsma.be/en/crypto-asset-service-provider-casp", "source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MiCA implementation delay", "source": "https://www.o2k.tech/blog/update-mica-benelux", "source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Bank-led euro stablecoin consortium", "source": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium", "source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA has applied since 17 January 2025 across Belgian financial entities including PIs/EMIs, with NBB and FSMA as competent authorities. NBB runs TIBER-BE and requires ICT incident reporting via OneGate; SWIFT oversight is being strengthened with NBB as lead overseer.", "findings": [ { "finding": null, "instrument_type": "DORA (Regulation (EU) 2022/2554)", "source": "https://practiceguides.chambers.com/practice-guides/cybersecurity-2026/belgium/trends-and-developments", "source_url": "https://practiceguides.chambers.com/practice-guides/cybersecurity-2026/belgium/trends-and-developments", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "TIBER-BE / TLPT", "source": "https://practiceguides.chambers.com/practice-guides/cybersecurity-2026/belgium/trends-and-developments", "source_url": "https://www.nbb.be/en/media/21109", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBB OneGate incident reporting", "source": "https://www.timelex.eu/en/blog/navigating-dora-requirements-preparation-and-impact", "source_url": "https://financialforum.be/en/bfw-digitaal/the-2025-financial-and-market-infrastructures-and-payment-services-report", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBB DORA compliance survey 2025", "source": "https://www.nbb.be/en/media/21109", "source_url": "https://financialforum.be/en/bfw-digitaal/the-2025-financial-and-market-infrastructures-and-payment-services-report", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SWIFT Oversight Framework revision", "source": "https://financialforum.be/en/bfw-digitaal/the-2025-financial-and-market-infrastructures-and-payment-services-report", "source_url": "https://financialforum.be/en/bfw-digitaal/the-2025-financial-and-market-infrastructures-and-payment-services-report", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w4-scheme-network-compliance", "standing_position": "Bancontact (Bancontact Pay/Payconiq) is Belgium's dominant domestic debit scheme, overseen directly by NBB alongside Mastercard Europe, Maestro and MCMS. Belgium bans merchant card surcharging outright, exceeding the EU IFR baseline.", "findings": [ { "finding": null, "instrument_type": "NBB oversight of payment schemes", "source": "https://www.nbb.be/en/financial-supervision-and-resolution/oversight-payment-systems-and-financial-market-infrastructures", "source_url": "https://www.ppro.com/payment-methods/bancontact/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Bancontact scheme dominance", "source": "https://www.ppro.com/payment-methods/bancontact/", "source_url": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Bancontact/Payconiq scheme volumes", "source": "https://www.bancontact.com/en/news/2-5-billion-payments-with-bancontact-and-payconiq-in-2024-2-5-billion-times-thank-you-for-your-trust-in-us", "source_url": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Belgian surcharge ban (Book VII CEL)", "source": "https://mathieudesmet.blog/en/surcharges-psd2/", "source_url": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Visa VAMP / Mastercard EFM scheme rules", "source": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_url": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w5-payment-corridor-dynamics", "standing_position": "Belgium is a founding-wave market for Wero, running on SEPA Instant rails, and is fully integrated into SEPA/SEPA Instant, TARGET2-BE, and the Eurosystem's digital-euro preparatory work.", "findings": [ { "finding": null, "instrument_type": "EPI / Wero instant payment rail", "source": "https://en.wikipedia.org/wiki/Wero_(payment)", "source_url": "https://worldline.com/en/home/main-navigation/resources/blogs/2026/wero-unlocking-pan-european-digital-commerce", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SEPA Instant Credit Transfer / IPR", "source": "https://worldline.com/en/home/main-navigation/resources/blogs/2026/wero-unlocking-pan-european-digital-commerce", "source_url": "https://www.nbb.be/en/payments-and-securities/digital-euro", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "TARGET2-BE / CEC retail ACH", "source": "https://www.bis.org/cpmi/publ/d105.pdf", "source_url": "https://www.nbb.be/en/payments-and-securities/digital-euro", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Digital euro Eurosystem preparatory phase", "source": "https://www.nbb.be/en/payments-and-securities/digital-euro", "source_url": "https://www.nbb.be/en/payments-and-securities/digital-euro", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w6-industry-structure-commercial-dynamics", "standing_position": "Belgium's payments market blends institutional depth (NBB/FSMA twin-peaks, Euroclear, Bancontact Payconiq Company) with a growing private fintech layer of 200+ firms, coordinated informally via FinTech Belgium.", "findings": [ { "finding": null, "instrument_type": "Belgian fintech market structure", "source": "https://thefintechtimes.com/belgium-and-its-fintech-and-wider-digital-landscape-in-2026/", "source_url": "https://www.nbb.be/en/financial-supervision-and-resolution/oversight-payment-systems-and-financial-market-infrastructures", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Legacy processor market consolidation (Banksys)", "source": "https://intrepidventures.net/europes-largest-payment-processor-worldline-faces-a-reckoning/", "source_url": "https://thefintechtimes.com/belgium-and-its-fintech-and-wider-digital-landscape-in-2026/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Industry association coordination", "source": "https://www.fintechbelgium.be/", "source_url": "https://thefintechtimes.com/belgium-and-its-fintech-and-wider-digital-landscape-in-2026/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Twin-peaks structural model", "source": "https://www.nbb.be/en/financial-supervision-and-resolution/oversight-payment-systems-and-financial-market-infrastructures", "source_url": "https://thefintechtimes.com/belgium-and-its-fintech-and-wider-digital-landscape-in-2026/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w7-legal-litigation", "standing_position": "Belgian financial-services litigation runs through a specialised Commercial Court cease-and-desist track alongside the NBB/FSMA Sanctions Committee administrative-fine process; recent activity includes a major AML fine against BNP Paribas Fortis and an active Brussels Public Prosecutor investigation into Worldline's Belgian acquiring unit.", "findings": [ { "finding": null, "instrument_type": "NBB Sanctions Committee AML enforcement", "source": "https://amlnetwork.org/aml-news/belgium-plans-to-name-and-shame-more-banks-for-serious-aml-breaches-in-2026-crackdown/", "source_url": "https://amlnetwork.org/aml-news/belgium-plans-to-name-and-shame-more-banks-for-serious-aml-breaches-in-2026-crackdown/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Belgian criminal investigation into acquirer", "source": "https://intrepidventures.net/europes-largest-payment-processor-worldline-faces-a-reckoning/", "source_url": "https://intrepidventures.net/europes-largest-payment-processor-worldline-faces-a-reckoning/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "'Dirty Payments' cross-border media/regulatory exposé", "source": "https://fintelegram.com/dirty-payments-exposed-worldlines-gateway-from-growth-engine-to-fraud-pipeline-shares-crater-41/", "source_url": "https://intrepidventures.net/europes-largest-payment-processor-worldline-faces-a-reckoning/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cease-and-desist / Sanctions Committee procedure", "source": "https://www.lexology.com/library/detail.aspx?g=8ed6867b-05e9-4e26-b986-3c2df32a1d33", "source_url": "https://intrepidventures.net/europes-largest-payment-processor-worldline-faces-a-reckoning/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FATF Mutual Evaluation Report Belgium (Dec 2025)", "source": "https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-belgium-2025.html", "source_url": "https://intrepidventures.net/europes-largest-payment-processor-worldline-faces-a-reckoning/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring in Belgium is dominated by Worldline, operating under Visa/Mastercard scheme monitoring regimes for chargeback and high-risk-merchant control; the sector is currently under acute regulatory and prosecutorial scrutiny over high-risk-merchant onboarding practices.", "findings": [ { "finding": null, "instrument_type": "High-risk merchant volume disclosure", "source": "https://investors.worldline.com/content/dam/investors-worldline-com/assets/documents/regulated-information/dept-and-rating/s-p-final-worldline-faq-2-july-2025.pdf", "source_url": "https://investors.worldline.com/content/dam/investors-worldline-com/assets/documents/regulated-information/dept-and-rating/s-p-final-worldline-faq-2-july-2025.pdf", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Visa VAMP / Mastercard EFM chargeback monitoring", "source": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_url": "https://investors.worldline.com/content/dam/investors-worldline-com/assets/documents/regulated-information/dept-and-rating/s-p-final-worldline-faq-2-july-2025.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Acquirer chargeback liability window", "source": "https://worldline.com/content/dam/worldline/global/documents/white-papers/white-paper-acquiring-en.pdf", "source_url": "https://investors.worldline.com/content/dam/investors-worldline-com/assets/documents/regulated-information/dept-and-rating/s-p-final-worldline-faq-2-july-2025.pdf", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "German regulatory precedent (BaFin) affecting Belgian-linked group", "source": "https://intrepidventures.net/europes-largest-payment-processor-worldline-faces-a-reckoning/", "source_url": "https://investors.worldline.com/content/dam/investors-worldline-com/assets/documents/regulated-information/dept-and-rating/s-p-final-worldline-faq-2-july-2025.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w9-product-innovation-market-development", "standing_position": "Belgium is a lead market for pan-European instant-payment innovation via Wero, sits inside the Eurosystem digital-euro preparatory phase, and hosts an active fintech innovation scene recognised via the Digital Finance Awards Belgium.", "findings": [ { "finding": null, "instrument_type": "Wero product roadmap", "source": "https://banking.vision/en/development-wero-2025-2026/", "source_url": "https://banking.vision/en/development-wero-2025-2026/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Wero bank adoption", "source": "https://en.wikipedia.org/wiki/Wero_(payment)", "source_url": "https://banking.vision/en/development-wero-2025-2026/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Digital Finance Awards Belgium 2026", "source": "https://www.fintechbelgium.be/news/press-release-the-digital-finance-awards-belgium-2026-celebrates-the-best-and-brightest-in-digital-finance", "source_url": "https://banking.vision/en/development-wero-2025-2026/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Digital euro exploration", "source": "https://www.nbb.be/en/payments-and-securities/digital-euro", "source_url": "https://banking.vision/en/development-wero-2025-2026/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection for unauthorised/fraudulent payments runs on a 'reimburse-first, litigate-later' model under Articles VII.43-VII.44 CEL, with a EUR50 liability cap for lost/stolen instruments; a March 2026 Brussels Commercial Court ruling reinforced the reimbursement obligation even in a B2B context.", "findings": [ { "finding": null, "instrument_type": "Art. VII.43-VII.44 CEL reimbursement mechanism", "source": "https://www.ictrechtswijzer.be/en/refund-from-the-bank-for-a-fraudulent-wire-transfer/", "source_url": "https://www.ictrechtswijzer.be/en/refund-from-the-bank-for-a-fraudulent-wire-transfer/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Brussels Commercial Court ruling, 19 March 2026", "source": "https://www.ictrechtswijzer.be/en/refund-from-the-bank-for-a-fraudulent-wire-transfer/", "source_url": "https://www.ictrechtswijzer.be/en/refund-from-the-bank-for-a-fraudulent-wire-transfer/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSD2 conduct-of-business transposition (Law 19 July 2018)", "source": "https://www.lexology.com/library/detail.aspx?g=3e5d6512-78dc-448f-bda0-9258c73ce00f", "source_url": "https://www.ictrechtswijzer.be/en/refund-from-the-bank-for-a-fraudulent-wire-transfer/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FPS Economy Directorate General for Economic Inspection", "source": "https://iclg.com/practice-areas/consumer-protection-laws-and-regulations/belgium/", "source_url": "https://www.ictrechtswijzer.be/en/refund-from-the-bank-for-a-fraudulent-wire-transfer/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Class action / collective redress (Book XVII CEL)", "source": "https://iclg.com/practice-areas/consumer-protection-laws-and-regulations/belgium/", "source_url": "https://www.ictrechtswijzer.be/en/refund-from-the-bank-for-a-fraudulent-wire-transfer/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi payments-context position: Belgium's AML/CFT regime is assessed by FATF (Dec 2025) as largely aligned with FATF standards but with continuing effectiveness gaps, particularly on virtual-asset rules; a 2026 policy shift toward public 'name and shame' disclosure of non-compliant banks is under way.", "findings": [ { "finding": null, "instrument_type": "sentinel.obliged_entities_scope", "source": "https://ezine.eversheds-sutherland.com/global-aml-guide/belgium", "source_url": "https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-belgium-2025.html", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": "Belgium's AML/CFT/CPF regime rests on the AML/CFT Law, CTIF-CFI (FIU), and Twin Peaks supervision (NBB/FSMA). The FATF's December 2025 mutual evaluation found the system technically largely aligned with FATF standards but effectiveness-deficient, placing Belgium in enhanced follow-up with a three-year Key Recommended Actions roadmap.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Belgium", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-006)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: Belgian Federal Prosecutor's Office / Federal Court — Seven-member ISIS crypto-financing and CBRN-precursor procurement network", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Sanctions: EU listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Sanctions: national licence-change", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Enforcement: Euroclear Bank SA (in consultation with Belgian/EU authorities) — Holders of frozen Russian foreign-currency bonds", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/belgium/#w12-correspondent-banking-settlement-access", "standing_position": "Belgium hosts systemically important settlement infrastructure: Euroclear Bank, Euroclear Belgium and NBB-SSS, plus TARGET2-BE and the CEC ACH; the NBB is the sole CSDR competent authority for the Belgian-law Euroclear entities and lead overseer of SWIFT.", "findings": [ { "finding": null, "instrument_type": "CSDR / Euroclear Belgium structure", "source": "https://en.wikipedia.org/wiki/Euroclear_Belgium", "source_url": "https://www.imf.org/-/media/files/publications/cr/2023/english/1belea2023012.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Euroclear Bank correspondent banking role", "source": "https://www.imf.org/-/media/files/publications/cr/2023/english/1belea2023012.pdf", "source_url": "https://www.imf.org/-/media/files/publications/cr/2023/english/1belea2023012.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBB CSDR/oversight competence", "source": "https://www.nbb.be/en/financial-supervision-and-resolution/oversight-payment-systems-and-financial-market-infrastructures", "source_url": "https://www.imf.org/-/media/files/publications/cr/2023/english/1belea2023012.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Credit Suisse cash-correspondent disruption (systemic risk episode)", "source": "https://www.nbb.be/doc/ts/publications/fmi-and-paymentservices/2024/fmi-report2024.pdf", "source_url": "https://www.imf.org/-/media/files/publications/cr/2023/english/1belea2023012.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "T2S settlement scale (Euroclear Belgium)", "source": "https://www.nbb.be/nl/media/21101", "source_url": "https://www.imf.org/-/media/files/publications/cr/2023/english/1belea2023012.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/belgium/#w13-commercial-intelligence-fintech", "standing_position": "Belgian-linked commercial activity in the trailing 12 months is dominated by processor restructuring at Worldline amid the 'Dirty Payments' fallout, continued Wero/bank-consortium investment, and modest early-stage VC activity from Belgian investors.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.digitaltransactions.net/magazine_articles/how-to-fix-worldline/", "source_url": "https://www.digitaltransactions.net/magazine_articles/how-to-fix-worldline/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.fintechfutures.com/venture-capital-funding/icymi-fintech-funding-round-up-franq-xmo-twoway-and-more", "source_url": "https://www.fintechfutures.com/venture-capital-funding/icymi-fintech-funding-round-up-franq-xmo-twoway-and-more", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_url": "https://businessofpayments.com/2025/07/30/newsletter-july-2025/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium", "source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium", "source_tier": "3", "retrieved_at": "2026-07-04" } ] } ] }