News from FAIB

Minimum Banking Service Law

The Federal Chamber has just approved a wide-ranging set of economic measures including the adoption of a revised text covering the Minimum Banking Service Law of November 2020 which had been rejected by the State Council because of its failure to conform to the GDPR. The new Law foresees the setting up of a “banking chamber” which, if a company / association is refused a bank account by three banks, will designate one bank to provide a so-called “minimum banking service”. More information on what a minimum banking service entails can be found at SPF Finances Website:
https://economie.fgov.be/fr/themes/services-financiers/services-de-paiement/service-bancaire-de-base.

FAIB which produced a position paper requesting the rapid adoption of this Law We will shortly be publishing a more in-depth analysis of the texts. We will also let you know when the text is published in the Moniteur Belge and the banking chamber is effectively set up.

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