The Bank of Portugal (BdP) published this Monday a new statement on the conditions that the banks it supervises must comply with in terms of prevention of money laundering and the financing of terrorism.
According to the banking regulator and supervisor, this notice regulates “the conditions of exercise, procedures, instruments, mechanisms, application procedures, information obligations and other aspects necessary to ensure compliance with the preventive duties of money laundering and financing of terrorism” .
The notice also indicates what payment institutions must do when there is not enough information in the money transfer compared to what the law determines.
By putting this notice in public consultation, the Bank of Portugal said that the objective is to eliminate from the regulatory text what is already provided for in Law No. on the prevention of money laundering and the financing of terrorism, even more simply, clarity and flexibility, “without disturbing the substance and stability of the regulatory solutions, taking into account the expected approval, in the medium term, of a new European legal framework on the matter”.
The published notice replaces and repeals the 2018 notice (No. 2/2018) and the 2021 instruction (No. 2/2018).
Source: Observadora
