On Wednesday, Economy Minister David Clarinval brought together a round table of policymakers, supervisory authorities, representatives of the financial sector, and the sectoral federations whose businesses most frequently rely on the basic banking service. This meeting marks the official launch of the evaluation of the legislation on the basic banking service for businesses, a scheme that came fully into force in January 2023.
For several months, Minister Clarinval has been approached by various federations and businesses facing growing de-risking practices: financial institutions refusing to enter into relationships or ending existing ones due to presumed risks of money laundering or terrorist financing, without sufficient individual analysis.
Minister Clarinval points out that these practices are a real obstacle for Belgian businesses that contribute to the economy, but also for foreign companies wishing to invest in Belgium. “Access to banking and credit services is an essential condition for the economic vitality of our country. The fight against money laundering is indispensable, but it cannot justify systematic and unjustified exclusions. With this evaluation, we want to guarantee a balanced framework: rigorous in risk prevention, but also respectful of the legitimate needs of our businesses.”
The government agreement provides for both stricter controls on banking and credit institutions and a comprehensive evaluation of the legislative framework for the basic banking service. The necessary control initiatives have already been jointly undertaken by the Minister of Finance and the Minister of Economy.
The round table had the following objectives:
- to hear the concerns and expectations of businesses,
- to identify the strengths and weaknesses of the current system,
- to officially launch the evaluation of the legislation on the basic banking service,
- and to present the new annual report of the Basic Banking Service Chamber.
236 requests in 2024
In 2024, 236 requests were submitted to the Chamber, of which 183 were fully processed, while 53 requests are still classified as “pending files”. Most of the businesses that filed a request with the Chamber in 2024 are located in Flanders (109 files), followed by Brussels (104 files) and Wallonia (23 files). Certain sectors are clearly heavily represented among applicants in 2024. Non-profit associations make up a significant share of the files, followed by diamond dealers, businesses active in diversified trade, lotteries and gambling, construction, consultancy and services, the hospitality sector, real estate agencies, jewellers and garages.