Bank of Portugal Public Consultation – Regulatory Projects on the Prevention of ML/TF

Bank of Portugal Public Consultation – Regulatory Projects on the Prevention of ML/TF

On 3 December, Bank of Portugal announced the opening of the procedure for the elaboration of three regulatory projects on the prevention of money laundering and terrorist financing (ML/TF):

  • Draft Regulation on low and high risk factors of ML/TF and implementation of specific simplified identification and due diligence measures;
  • Draft Regulation that defines the terms of the submission of the report for ML/TF prevention purposes on the activity carried out in Portugal by financial entities with headquarters in another Member State of the European Union, operating in Portugal under the legal framework of freedom to provide services;
  • Draft Regulation amending Bank of Portugal Regulation No. 5/2019 of 30 January in order to allow the inclusion in the Prevention of Money Laundering and Terrorist Financing Report of information concerning the procedures to comply with Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on the payer and payee information that must exist in the transfer of funds for ML/TF prevention purposes.

 

According with Article 100 (3) (c) and Article 101 of Portuguese Administrative Procedure Code, interested parties have the right to be heard before the final decision is made.

Therefore, Bank of Portugal submitted the above-mentioned documents to public consultation until January 16, 2020, and interested parties may submit their contributions through averiguacao.accao.sancionatoria@bportugal.pt, with the subject ‘Response to the Public Consultation No. 3/2019’.

Nuno Nogueira Pinto

Nuno Nogueira Pinto

Lawyer

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