News

Brexit Pushed High-risk Payment Services Providers to Belgium

By Gabriel Vedrenne

The number of suspicious transaction reports filed by payment services providers and electronic money institutions jumped in Belgium as a result of Britain's exit from the EU and prompted Belgian authorities to increase their vigilance over the sector. In an 84-page annual report released Monday, Belgium's financial intelligence unit, CTIF, claimed to have received 25,991 STRs in 2019 after handling 33,445 in 2018, a 22 percent drop that authorities mostly attributed to a change in reporting methodology applied by a single financial institution to increase compliance with domestic anti-money laundering rules. Conversely, the number of STRs filed by payment services...

TO READ THE FULL STORY