Notice 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.

Portugal

Banco de Portugal

Notice No. 4/2024

Summary

Establishes the obligation to identify the ultimate beneficiary in operations using payment references and direct debits.

Status

In force

Official Journal

DR, 2nd Series, Part E, No. 224, of 19-11-2024

Enabling Law

Law No. 5/98, of 31-1, arts. 14 and 17

Publication Date

19-11-2024

Entry into Force

19-05-2025

Descriptors

Payment Systems, Direct Debits, Electronic Payment, Payment Means

Target Recipient Type

Credit Institutions, Electronic Money Institutions, Payment Institutions, Finance Companies

Recipients

Currency Exchange Agencies, Banks, Central Credit Agricultural Mutual Credit Union, Mutual Credit Agricultural Savings Banks, Savings Banks, Mortgage Credit Institutions, Electronic Money Institutions, Payment Institutions, Credit Finance Institutions, Regional Development Companies, Factoring Companies, Mutual Guarantee Companies, Investment Companies, Finance Lease Companies, Credit Finance Companies, Microcredit Finance Companies

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