The NBB informed Crelan just before Christmas that there were “significant shortcomings” in complying with the anti-money laundering law of 2017. These were so serious that immediate measures were required. The NBB was particularly stumbling over the fact that Crelan did not carry out any (real-time) screening of clients’ international financial transactions in order to detect persons and entities subject to sanctions, embargoes or other measures.
Despite the insistence of the NBB, Crelan was able to gain time and went on the defensive. According to several sources, an action plan was drawn up with the help of Deloitte and in consultation with the regulator. The exact status of the implementation of the plan is not entirely clear.