Regulatory Alerts2022-07-28
Added · Updated
Circular Letter No. CC/2022/00000013
Banco de Portugal requires credit institutions, financial companies, payment institutions, and electronic money institutions to apply enhanced due diligence and specific countermeasures for business relationships and transactions involving North Korea and Iran, as identified by the Financial Action Task Force (FATF) as high-risk jurisdictions subject to a call for action. Institutions must also adopt risk-proportionate enhanced measures for jurisdictions under increased monitoring, including the newly added Gibraltar, while noting Malta's removal from that list. The circular mandates adherence to these measures in compliance with Law No. 83/2017 to mitigate risks of money laundering, terrorist financing, and weapons proliferation.