EN ECB -PUBLIC  
 
 OPINION OF THE EUROPEAN CENTRAL BANK  
of 26 January 2018  
on organising the central register of bank accounts and financial transactions   
(CON/ 2018/ 4) 
 
Introduction and legal basis  
On 22 December  2017 the European Central Bank (ECB) received a request from  the Belgian Ministry o f 
Finance for an opinion on a draft  law organising the central register of bank accounts and financial 
transactions  (hereinafter the ‘ draft law’).  
The ECB’s competence to deliver an opinion is based on Articles  127(4)  and 282(5)  of the Treaty  on the 
Functioning of the European Union  and the  third indent of Article 2(1) of Council Decision 98/415/EC1, as 
the draft law contains provisions concerning the Nationale Bank van België/Banque Nationale de 
Belgique ( NBB). In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the 
European Central Bank, the Governing Council has adopted this opinion.  
 
1. Purpose of the draft law  
1.1 The main purpose of the draft law is to serve as the stand- alone legal framework for the operation  
and maintenance  by the NBB  of the central register of bank accounts and financial transactions.  
1.2 The register was initially established and operated by the NBB in accordance with the  Law of 
14 April 2011  which was  implemented by Royal Decree on  17 July 2013. It was then designed as a 
component part of the Income Tax Code and served as a database available exclusively  to the tax 
authorities for controlling and recovery purposes. Access to the database was subsequently 
expanded in 2016, in particular , to support efforts to combat money laundering, the financing of 
terrorism and financial crime in general.  
1.3 Under the draft law, t he existing central register of  bank accounts and financial transactions will 
become a multi -purpose database that will, in particular, serve  as the centrali sed automated 
mechanism , contemplated  for all Member States under the Proposal  for a Directive of the 
European Parliament and of the Council and amending Directive (EU) 2015/849 of 20 May 2015 on 
the prevention of the use of the financial system for the purpose of money laundering or terrorist 
                                                 
1  Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national 
authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).  
ECB -PUBLIC  
2 financing2, as a means of facilitating the timely identification of any natural or legal person holding 
or controlling payment or bank accounts held in Belgi um. To this end , the provisions on the 
operation and maintenance  of the central register of bank accounts and financial transactions have  
been extracted from the Income Tax Code and place d in a stand- alone piece of legislation.  
1.4 The list of reporting agents  under the draft law will  include stock exchange brokers, payment and 
electronic payment institutions, foreign exchange agents, lenders,  leasing companies and 
insurance undertakings , as well as credit institutions . These entities will be required to provide 
additional information relating  to the designation of proxyholders, the renting of safes by credit 
institutions, the execution of certain types of insurance contracts, foreign money transfers in 
exchange for a withdrawal or remittance of cash and exchange transactions involving  cash or  
precious metals  in exchange for a withdrawal or remittance of cash.  The Administration of the 
Treasury  for Belgium  will be tasked with monitoring the compliance of the reporting entities with the 
new obligations under the draft law  and imposing fines . Communication between the central 
register, the reporting entities and the persons requesting information w ill exclusively  take place 
electronically.   
1.5 The draft law provides that  legal  or private persons may be either directly authorised to access the 
register or, where necessary, by way of a centralising institution tasked with managing the 
information requests, designated by the King.  The persons authorised to access the register and 
the centrali sing institution s should establish and implement policies and procedures to ensure 
compliance with  the relevant requirements  by those requesting and receiving information from the 
central register , in particular , with respect to ensuring that the request is in line with the purpose for 
which access was  granted and maintaining data confidentiality . Persons  authori sed to receive 
information from the register and all  central ising institution s must also enter into a framework 
agreement with the NBB with respect to the technical  conditions and practical arrangements 
governing access to the register.  
1.6 Under the draft law, the persons authori sed to receive information or the centrali sing institution will 
reimburse the NBB for all the costs incurred as a result of the establishment, functioning and 
maintenance of the register. T he costs incurred by the NBB will be shared between the persons  
authorised to receive information in proportion to the number of their respective requests for 
information from the register  and, where appropriate, to any other relevant factor determined by the 
King.  The King will determine the arrangements for implementing these provisions , including (1) the 
method for calculating the interim payment to be paid by the persons  authorised to receive 
information or, where appropriate, by the centrali sing institution  in order to cover the NBB’s costs in 
advance, and the method for calculating the definitive amount of the share of  the NBB’s costs for  
each person authorised to receive information or the centrali sing institution  and; (2) the frequency 
of the invoices sent by the NBB as well as the payment period, which may not exceed ninety 
calendar days.   
                                                 
2  COM/2016/0450 final -  2016/0208 (COD).  
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3 1.7 The draft law excludes any civil liability of the NBB  and the members of its decision- making bodies 
or staff as a result of any mistake or negligence arising in the performance of its tasks under the 
draft law , except in cases of fraud, willful misconduct or gross negligence. The NBB is also 
authori sed to use the information in the register for scientific or statistical purposes, or in the 
contex t of performing its public interest missions and tasks in accordance with the Act of 
22 February 1998 on the Organic Status of the National Bank of Belgium3. 
 
2. General observations  
2.1 The ECB has issued a number of opinions on the Law of 14 April 2011 on the central register of 
bank accounts  and the Royal Decree of 17 July 2013 on the functioning of the central point of 
contact  establish ing and expanding access to the central register for banks accounts and financial 
transactions4.  
2.2 The ECB welcomes  the enactment  of a stand- alone piece of legislation specifically dedicated to the 
central register for bank accounts and financial accounts with comprehensive and detail ed rules on 
its establishment, functioning and financing.  
2.3 The ECB particularly welcomes the introduction of  a cost recovery mechanism designed to ensure 
the full recovery of the costs incurred by the NBB in the establishment, maintenance and operation 
of the register , through the combination of an ex ante interim payment made by the persons 
authorised to receive information from the register and the centralising  institution  to the NBB to 
cover the expected costs of the register for a period of one year and the ex post quarterly invoicing 
by the NBB of the actual costs incurred by the NBB in respect of  these persons . This cost recovery 
mechanism safeguards the financial independence of the NBB under the Treaty and dispels 
concerns relating to the pro hibition of monetary financing under the Treaty that are associated with 
the NBB carrying out government task s5. The ECB requests to be consult ed under Article 127(4) of 
the Treaty on the implementing regulation relating to this cost recovery mechanism as it is an 
important element for  assessing that the prohibition of monetary financing is  properly  addressed.  
2.4 The various  mechanisms aimed at alleviating the operational burden of the NBB –  including the 
access to the register that exclusively  takes place in  electronic form ; the monitoring by the 
Administration of the Treasury of the compliance by reporting entities with their obligations ; the 
involvement of the centralising institutions and the limited  liability of the NBB and it s decision -
making bodies and staff in the establishment and operation of the central register – are also a 
welcome development. These mechanisms reduce the scope for operational and political risks,  
 
 
                                                 
3  « Loi du 22 février 1998 f ixant le statut organique de la Banque Nationale de Belgique ».  
4  See ECB Opinions CON/2011/30, CON/2011/98 and CON/2016/35. All ECB opinions are published on the ECB’s 
website at www.ecb.europa.eu.  
5  See paragraphs 3.2 and 3.8 of ECB Opinion CON/2016/35.  
ECB -PUBLIC  
4 thereby enhancing the independence of the NBB.  
 
This opinion will be published on the ECB’s website.  
 
 
Done at Frankfurt am Main, 26 January  2018 . 
 
[signed]  
 
The President of the ECB  
Mario DRAGHI