Regulatory Alerts2022-04-21
Added · Updated
Circular Letter No. CC/2022/00000007
The Bank of Portugal requires credit institutions, financial companies, payment institutions, and electronic money institutions to apply 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 very high risks of money laundering, terrorist financing, and weapons proliferation. Enhanced due diligence measures must be applied to all business relationships, occasional transactions, and operations involving North Korea, Iran, and jurisdictions under increased monitoring or listed as high-risk third countries under Delegated Regulation (EU) 2016/1675. The circular also disseminates FATF documents identifying high-risk jurisdictions subject to a call for action, jurisdictions under increased monitoring, and a public statement on the situation in Ukraine.