Regulatory Alerts2024-09-02
Added · Updated
Circular Letter No. CC/2024/00000025: Use of BPnet Services for AML/CFT Activities
The Bank of Portugal mandates that credit institutions, financial companies, electronic money institutions, payment institutions, and virtual asset service providers subscribe to specific BPnet services for AML/CFT communications, including inquiries, inspections, restrictive measures, and risk assessments. Financial entities are additionally required to subscribe to the RPB reporting service, and designated compliance officers and central contact points must be configured as the exclusive users of these channels. The directive establishes strict protocols for correspondence and file uploads within these services and sets September 30, 2024, as the deadline for subscription, rendering any communications outside these designated channels invalid.