Regulatory Alerts2020-05-20
Added · Updated
Circular Letter No. CC/2020/00000030: Disclosure of FATF Communications (February 2020 Plenary Meeting)
The Bank of Portugal mandates credit institutions, financial companies, payment institutions, and electronic money institutions to apply proportional countermeasures against North Korea and Iran due to very high risks of money laundering, terrorist financing, and weapons proliferation. These institutions must also continue enhanced identification and due diligence measures for business relationships and transactions involving these two jurisdictions, as well as for those under increased monitoring or classified as high-risk third countries under EU Delegated Regulation 2016/1675.
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