7.1.1. Belgium

162. In Belgium, the National Bank of Belgium (NBB) is the AML/CFT supervisory authority for banks, life-insurance undertakings, investment firms, and payment and e-money institutions. The NBB makes use of three tools centred on information from an Annual AML/CFT questionnaire completed by the regulated entities.

163. The periodic AML/CFT prevention questionnaire

164. The NBB uses an AML/CFT questionnaire to obtain an understanding of the ML/TF risk environment of each entity (the inherent AML/CFT risk it faces, its vulnerability to these risks, including the completeness and effectiveness of the mitigating measures it applies). In order to tailor the AML/CFT questionnaire to each subsector of financial institutions supervised by the NBB (banking, securities, insurance and payment sectors), four different questionnaires have been developed for each subsector, with the concern nevertheless to maintain consistency and comparability between these four variations of the questionnaire. The four questionnaires can be found on the NBB's website.

165. Automated QLB Response Analysis Tool ("FRA")