Opening bank accounts to become easier for diamond dealers in Belgium

The law on basic banking services for companies, which is designed to prevent banks from refusing certain sectors as customers, should enter into force this autumn. An amendment to this law was approved on Friday in the Parliamentary Commission on Economy, Mediahuis newspapers reported on Monday.

At the end of 2020, the Chamber approved a bill to regulate basic banking services for companies. After all, companies from certain sectors, including diamonds and prostitution, have a lot of difficulties opening a current account with a Belgian bank. Banks consider these sectors too risky because they carry an image of fraud and money laundering.

Thanks to the new law, after three refusals, companies will be able to approach the FPS Economy, which would then oblige a bank to allow the company to open a current account. But the law is still not in force today. Belgian Minister of Economy Pierre-Yves Dermagne submitted the law to the Council of State, which ruled that it had shortcomings: for example, the processing of personal data would not be regulated by law.

With an amended legal text, that problem should now be a thing of the past. The amendment of the law was approved on Friday in the Parliamentary Committee on Economy. If the amendment is also approved in the plenary meeting on Wednesday, Minister Dermagne can take the Royal Decree to the Council of State again.




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