Regulatory Alerts2021-02-26
Added
Instruction No. 2/2021
The Bank of Portugal defines specific low and high risk factors for money laundering and terrorist financing, and establishes simplified and enhanced identification and due diligence measures for financial entities supervised by the Bank. The Instruction supplements Annexes II and III of Law No. 83/2017 by detailing risk indicators and specifying requirements for payment initiation services, account information services, and electronic money. It mandates enhanced due diligence procedures, including annual risk re-analysis and verification of wealth origin, for relationships classified as high risk.