Regulatory Alerts2020-04-16
Added
Circular Letter No. CC/2020/00000023: Measures to Adopt Regarding AML/CFT Prevention in the Context of the COVID-19 Pandemic
The Banco de Portugal requires financial institutions to maintain effective anti-money laundering and counter-terrorist financing systems and controls despite the pandemic, warning that illicit financing risks persist and have increased. Institutions must monitor transactions for unusual patterns, adapt risk assessments to emerging threats, and ensure the detection and reporting of suspicious activities. The circular encourages the use of digital payments and simplified measures for government aid distribution while ensuring that non-profit organizations are not unnecessarily hindered. These measures align with guidelines from the European Banking Authority and the Financial Action Task Force.
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