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AML Procedure

Purpose of the procedure

The company Oonex as an electronic money institution governed by the Act of 22 mars1993 on the status and supervision of credit institutions.

The provisions in this document formalizing the elements of knowledge and vigilance allowing OONEX organize and strengthen its controls and the process of prevention of money laundering and financing of terrorism (AML-CFT), in accordance with the Circular D1 97/4 June 1997, relating to internal control of credit institutions and investment firms and the circular CBFA_2010_09 April 6, 2010 (as amended) in Belgian law transposing Directive 2005/60/EC of 26 October 2006 called third directive on the fight against money laundering.

Money Laundering

Article 5 § 1 of the Law

For the purposes of application of this law, money laundering is defined as:

  • The conversion or transfer of money or other property for the purpose of concealing or disguising the illicit origin or of assisting any person who is involved in the commission of the offense from which the capital or property in evade the legal consequences of his actions;
  • The concealment or disguise of the true nature, source, location, disposition, movement or ownership of capital or assets known illicit origin;
  • The acquisition, possession or use of capital or assets known illicit origin;
  • Participation in any of the acts referred to in the previous three paragraphs, association to commit the act, attempts to commit, aiding, inducing or advising someone to commit or the fact ‘facilitate implementation.
  • Neither the law of 12 January 2004 or 18 January 2010 that have changed the legal definition of money laundering. Similarly, that law has only slightly modified the list of predicate offenses referred to in Article 5 § 3 of the Act of 11 January 1993.

Article 5 § 3 of the Law

For the purposes of this Act, the origin of money or property is illegal when they come to the realization:

1° of offense:

  • Terrorism or terrorist financing;
  • To organized crime;
  • Illicit trafficking of drugs;
  • Illicit trafficking in weapons, goods and merchandise, including anti-personnel mines and / or munitions;
  • Trafficking, illegal labor;
  • To trafficking in human beings to the exploitation of prostitution;
  • To the illegal use in animals of substances having a hormonal or illegal trade in such substances;
  • Illicit trafficking in human organs or tissues;
  • To fraud against the financial interests of the European Communities;
  • To the serious and organized tax fraud which implements complex mechanisms or procedures with an international dimension;
  • Embezzlement by persons exercising a public function and corruption;
  • To serious environmental crime;
  • To counterfeit coins or banknotes
  • To counterfeit goods;
  • To piracy;

2° an offense exchange or a public offering irregular or provision of investment, foreign exchange or transfer funds without authorization;

3° of fraud, abuse of trust, abuse of corporate assets, a hostage taking, robbery or extortion of an offense related to the state of bankruptcy.

Given that the context is not that of a criminal statute, the legislature chose to refer not to specific provisions of criminal law, but acts considered serious in their ordinary meaning.

Therefore, it is not required of individuals and organizations subject to the Act if they examine each element of the definition of a criminal offense is to determine whether this capital is likely to illicit origin, but only s’ they could find their origin in the exercise of any criminal activity listed.

Financing of Terrorism

Article 5 § 2 of the Law

For the purposes of this Act, shall mean the Financing of Terrorism from providing or collecting funds, directly or indirectly, by any means whatever, with the intention of used or knowing they will be used, in whole or in part, by a terrorist or terrorist organization or the commission of a terrorist act.

The institution shall implement measures to freeze without delay funds or other assets of terrorists, those who finance terrorism and terrorist organizations in accordance with the regulations of the European Union and United Nations resolutions relating to the prevention and suppression of the financing of terrorist acts.

To speak to an OONEX representative

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+32 2808 0314 [EU]
1877 358 9369 [US]