Regulatory Alerts2021-09-08
Added · Updated
Circular Letter No. CC/2021/00000046
The Banco de Portugal requires credit institutions, financial companies, payment institutions, and electronic money institutions to adopt specific countermeasures and enhanced due diligence measures based on the Financial Action Task Force (FATF) June 2021 plenary meeting outcomes. Institutions must apply proportional countermeasures, including those under Article 99(3)(f)-(h) and (k) of Law No. 83/2017, to business relationships and transactions involving North Korea and Iran due to high risks of money laundering, terrorist financing, and weapons proliferation. Additionally, enhanced identification and diligence measures must be applied to jurisdictions under increased monitoring and other high-risk third countries listed in Delegated Regulation (EU) 2016/1675.