Regulatory AlertsNotice No. 4/2024
Bank of Portugal issued Notice No. 4/2024 to establish the obligation for credit institutions and payment service providers to identify the ultimate beneficiary in payment reference and direct debit transactions. This regulatory measure aims to enhance transparency and prevent the misuse of payment systems for illicit activities by enforcing strict customer due diligence. The notice entered into force on May 19, 2025, applying to a wide range of financial entities including banks, electronic money institutions, and payment institutions.
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