Basic Banking Service: A Legal Remedy for De-Risking?

Abstract

This contribution examines whether Belgium’s basic banking service for businesses can serve as a legal remedy against de-risking. It argues that AML/CFT legislation, through its risk-based approach and sanctions, incentivises banks to exclude customers rather than manage uncertain compliance risks. After analysing the emergence, scope, procedures and remedies of the Belgian regime, the article identifies a tension: the AML framework that generates de-risking can also justify refusal or termination of basic banking services. It concludes that financial inclusion requires a clearer normative status for BBSB and a better balance between AML enforcement, banking freedom and the freedom to conduct business.