Circular Letter No. CC/2021/00000006

Circular Letter No. CC/2021/00000006
Sent to:
Credit Institutions, Financial Companies, Payment Institutions, and Electronic Money Institutions.
Mod. 99999924/T – 01/14
Subject: Use of BPnet in electronic communications within the scope of behavioral inspection activities

In order to promote the speed, effectiveness, and security of communications with supervised institutions within the scope of behavioral inspection activities, a service has been created on BPnet for correspondence related to behavioral inspection activities.

In this context, the Bank of Portugal transmits the following:

1. Credit institutions, financial companies, payment institutions, and electronic money institutions with headquarters or branches in Portugal must subscribe to the "Behavioral Inspection / Correspondence" service available in the Behavioral Supervision Area of BPnet.

2. Institutions must ensure that the person responsible for the compliance function and, where applicable, the interlocutors designated within the scope of each inspection action are users of the service in question.

3. From April 1, 2021, all communications that the Bank of Portugal addresses to supervised institutions within the scope of its behavioral inspection activities will be sent exclusively through this service.

4. Similarly, communications that supervised institutions address to the Bank of Portugal in the context of behavioral inspection activities must, from that date, be carried out through the "Behavioral Inspection/Correspondence" service.

By way of example, the following must be sent through this service: responses to credentials issued within the scope of inspections, information required by Circular Letter No. CC/2018/00000004 regarding credit products for consumers marketed through digital channels, responses to requests for information or clarifications formulated by the Bank of Portugal within the scope of inspection actions, as well as responses to information requests formulated by the Bank of Portugal during the monitoring of the implementation of specific determinations or recommendations issued following inspection actions.

5. Correspondence from institutions that constitutes a response to a previous communication from the Bank of Portugal must use, without alteration, the "Subject" indicated in that communication, which is composed of the process and institution codes, followed by the relevant topic.