Regulatory Alerts2024-11-28
Added · Updated
Circular Letter No. CC/2024/00000051
Payment Service Providers (PSPs) must offer euro instant transfers by January 9, 2025, for receiving and October 9, 2025, for sending, while applying fees equal to or lower than traditional SEPA credit transfers. PSPs are required to harmonize sanctions verification procedures, implement beneficiary verification mechanisms, and report fee levels to national authorities. Additionally, PSPs must migrate MULTIBANCO ATM and MB WAY peer-to-peer transfers to the euro instant transfer scheme, ensuring compliance with SEPA and SICOI regulations, and report the migration completion date to the Bank of Portugal by December 12, 2024.
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