Basic banking service for companies act entered into force on 1 May 2021

On 1 May 2021, the long-awaited basic banking service for companies act entered into force.  This act gives companies that have been refused as a client by a bank at least 3 times the possibility to still apply for a Belgian bank account.

In practice, this act is especially important for companies active in so-called money laundering sensitive sectors.  We think for example of diamond dealers, scrap metal dealers or companies that have been placed under increased monitoring by the FATF and have been put on a black list for this purpose.

Given t