Regulatory Alerts2020-12-31
Circular Letter No. CC/2020/00000074
The Bank of Portugal issued Circular Letter No. CC/2020/00000074 to inform supervised entities about the adoption of proportional countermeasures against the very high risks of money laundering and terrorist financing associated with North Korea and Iran. This directive follows the Financial Action Task Force (FATF) plenary meeting of October 2020 and mandates specific actions from credit institutions, payment institutions, and other financial entities. The measures are designed to mitigate identified risks in transactions involving these two jurisdictions.
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