Regulatory Alerts2021-12-10
Added · Updated
Circular Letter No. CC/2021/00000059
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 conduct enhanced due diligence on transactions involving these jurisdictions. Institutions must also apply proportionate enhanced measures to business relationships and transactions with jurisdictions under increased monitoring, specifically Jordan, Mali, and Turkey, while noting the removal of Botswana and Mauritius from that list. The circular mandates adherence to specific articles of Law No. 83/2017 and references FATF documents identifying high-risk jurisdictions subject to a call for action and those under increased monitoring.