Regulatory Alerts2020-06-01
Added
Circular Letter No. CC/2020/00000035: Verification of Identifying Elements via Means Referenced in Article 25(2) of Law No. 83/2017
The Banco de Portugal requires credit institutions, financial companies, payment institutions, and electronic money institutions to provide clients with the technological means and services necessary to verify identifying elements using the electronic citizen card, Digital Mobile Key, or interoperability platforms as specified in Article 25(2) of Law No. 83/2017. This obligation applies to both initial business relationship establishment and subsequent updates of identification elements. The use of alternative verification methods, such as document reproduction, is restricted to subsidiary cases where clients do not intend to use or cannot use the primary electronic means.