Regulatory Alerts2021-12-10
Circular Letter No. CC/2021/00000059
Banco de Portugal issued Circular Letter No. CC/2021/00000059 to inform supervised entities about the adoption of proportional countermeasures against the very high risks of money laundering and terrorist financing posed by North Korea and Iran. This directive follows the Financial Action Task Force (FATF) plenary meeting of October 2021 and mandates specific actions from credit institutions, electronic money institutions, and payment institutions. The measures are designed to mitigate significant threats to the integrity of the financial system arising from these third countries.
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