Regulatory Alerts2021-02-26
Added · Updated
Instruction No. 2/2021
The Bank of Portugal defines specific low and high-risk factors for money laundering and terrorist financing, and establishes detailed simplified and enhanced due diligence measures for supervised financial entities. The instruction mandates specific identification requirements for payment initiation and account information services, while requiring enhanced scrutiny, such as annual risk re-analysis and senior management approval, for high-risk relationships, pooled accounts, and jumbo accounts. It also incorporates European Supervisory Authorities' guidelines on risk factors and due diligence procedures into the national regulatory framework.