Regulatory Alerts2021-05-05
Added · Updated
Circular Letter No. CC/2021/00000020
The Bank of Portugal requires credit institutions, financial companies, payment institutions, and electronic money institutions to apply countermeasures against North Korea and Iran due to high risks of money laundering and terrorist financing, and to apply enhanced due diligence to transactions involving these jurisdictions and those under increased monitoring. This directive aligns with FATF documents issued in February 2021, noting that the list of high-risk jurisdictions subject to a call for action remains unchanged from February 2020 due to the pandemic, while four new jurisdictions were added to the list of jurisdictions under increased monitoring and the Bahamas was removed from that list.