Closure of bank accounts: the UFBE continues to press its case with the authorities

For many years now, closing bank accounts has been one of the main concerns for Belgians living abroad. Every year, the UFBE is approached by numerous expatriates who are facing difficulties in keeping or opening a bank account in Belgium.

In the face of this recurring issue, the UFBE continues to defend the interests of Belgian expatriates with the federal authorities.

In this context, we recently wrote to the Deputy Prime Minister and Minister for the Economy, David Clarinval, to draw his attention to the difficulties faced by Belgians living abroad, who are often subject to a particularly strict application of anti-money laundering rules.

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Progress announced in the fight against banking ‘de-risking’

The Federal Government has just announced a number of measures designed to combat so-called ‘de-risking’ practices in the banking sector, that is to say, the refusal to open or the closure of bank accounts based on a general assessment of the customer’s profile rather than an individualised analysis.

Whilst these measures are primarily aimed at certain professional sectors, they reflect a clear commitment to providing a better regulatory framework for the practices of banking institutions.

The main new features include:

• the mandatory provision of a standardised information document where a business is refused the opening of an account;
• strengthening the investigative powers of the Basic Banking Services Division of the Federal Public Service for the Economy;
• closer cooperation between the Federal Public Service for the Economy and the National Bank of Belgium;
• enhanced statistical monitoring of refusals to open bank accounts and account closures.

The UFBE continues its work

These announcements are an encouraging sign, but they do not yet address all the difficulties faced by Belgian expatriates. We continue to receive numerous reports of unilateral account closures, refusals to open accounts and disproportionate administrative requirements.

The UFBE will therefore continue its efforts to raise awareness amongst political authorities, the relevant government departments and the banking sector, so that Belgians living abroad can retain normal access to Belgian banking services, which are essential to their daily lives.

We will also continue to keep you informed of any developments in this matter, which remains one of the UFBE’s priorities.