Notice of the Bank of Portugal No. 8/2016

Notice of the Bank of Portugal No. 8/2016
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Published in DR, Series II, No. 189, Part E, of 30-09-2016.
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Table of Contents
Text of the Notice
Annex I
Annex II
Annex III
Text of the Notice
Decree-Law No. 157/2014, of October 24, using the legislative authorization granted by Law No. 46/2014, of July 28, made profound changes to the General Regime of Credit Institutions and Financial Companies ("RGICSF"), approved by Decree-Law No. 298/92, of December 31. In accordance with the new wording of paragraph 3 of Article 118-A of the RGICSF, introduced by Decree-Law No. 157/2014, of October 24, institutions subject to the supervision of the Bank of Portugal, based on their consolidated financial situation, regardless of their institutional typology, must register operations corresponding to payment services provided by all entities included in the prudential supervision perimeter that have as beneficiary an individual or legal entity based in any offshore jurisdiction and communicate them to the Bank of Portugal, under the terms defined by the latter in regulation. Additionally, the new paragraph 5 of Article 118-A of the RGICSF, also introduced by Decree-Law No. 157/2014, of October 24, determines that any other entities authorized to provide payment services in national territory must also ensure the registration and communication of operations corresponding to payment services they provide that have as beneficiary an individual or legal entity based in an offshore jurisdiction. Consequently, this Notice specifies the duties of registration and communication to the Bank of Portugal provided for in paragraphs 3 and 5 of Article 118-A of the RGICSF and generally establishes the necessary requirements to ensure adequate knowledge of operations destined for offshore jurisdictions. It is important to define, among other aspects, which:
a) The relevant connection element(s) between a given payment service beneficiary and the offshore jurisdictions with which it is related; b) The operations that must be registered and subsequently communicated to the Bank of Portugal, as well as the terms and periodicity of the corresponding reporting duty; c) The list of those responsible for complying with the aforementioned duties; d) The information that must be collected regarding each of the covered operations; Notice of the Bank of Portugal No. 8/2016
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Mod. 99999910/T – 01/14 e) The adjacent procedures necessary to ensure the quality of the reported information and, in general, the full achievement of the purposes of this Notice.
This normative text also revokes Instruction No. 17/2010, published in the Official Bulletin of the Bank of Portugal, No. 8/2010, of August 16, 2010, which specified the provisions of paragraph 3 of Article 118-A of the RGICSF, in its previous wording, as well as the technical specifications issued under the said Instruction. Similarly, the concrete operationalization of the duties established by the new regulatory framework will necessarily require the issuance of new technical specifications, to be issued by the Bank of Portugal before the entry into force of this Notice. The Portuguese Banking Association and other entities that commented within the scope of the public consultation launched by the Bank of Portugal on April 6, 2015, were heard, and the results of the said consultation are available on the institution's website. Thus, considering:
a) The need to have systematized information on compliance with paragraphs 3 and 5 of Article 118-A of the RGICSF; b) The provisions of Article 9-A of the Legal Regime for Payment Services and Electronic Money ("RJSPME"), annexed to Decree-Law No. 317/2009, of October 30, in its current wording, which also determines the applicability of the registration and communication duties provided for in Article 118-A of the RGICSF to payment service providers covered by the RJSPME; c) The provisions of paragraph 1 of Article 93, paragraphs 1 and 2 of Article 120, Article 121-A, subparagraphs a) and c) of Article 133, Article 134, and paragraph 1 of Article 196, all of the RGICSF; d) The provisions of subparagraph c) of paragraph 1, subparagraph a) of paragraph 2 and paragraph 3 of Article 6, and paragraphs 1 and 3 of Article 34, all of the RJSPME; The Bank of Portugal, in the exercise of the competence conferred upon it by Article 17 of its Organic Law and by paragraphs 3 and 5 of Article 118-A of the RGICSF, to which Article 9-A of the RJSPME refers, determines the following:
Title I
General provisions
Chapter I
Subject matter
Article 1
Subject matter
This Notice aims to regulate the duties of registration and communication to the Bank of Portugal provided for in paragraphs 3 and 5 of Article 118-A of the RGICSF and in Article 9-A of the RJSPME, as well as the conditions, mechanisms, and procedures necessary for their effective compliance. Notice of the Bank of Portugal No. 8/2016
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Chapter II
Definitions
Article 2
Definitions
For the purposes of applying this Notice, the following definitions apply:
1) "Beneficiary": an individual or legal entity, a center of collective interests without legal personality, or any other entity: a) That is the intended recipient of the funds that were the subject of an operation; and b) For which one or more connection elements with an offshore jurisdiction are verified.
2) "Center of collective interests without legal personality": any center of collective interests without legal personality within the meaning of paragraph 2) of Article 2 of Notice of the Bank of Portugal No. 5/2013, of December 18;
3) "Client": any client within the meaning of paragraph 4) of Article 2 of Notice of the Bank of Portugal No. 5/2013, of December 18;
4) "Payment account": any payment account within the meaning of subparagraph q) of Article 2 of the RJSPME;
5) "Connection element(s) with an offshore jurisdiction":
a) Having its head office, establishment, tax domicile or other nature in an offshore jurisdiction; b) Being the holder of a payment account domiciled in an offshore jurisdiction, through which the funds have been made available; or c) Receiving the funds in an offshore jurisdiction, dissociated from a payment account.
6) "Parent company": any parent company within the meaning of subparagraph a) of paragraph 3 of Article 24 of Notice of the Bank of Portugal No. 5/2008, of July 1;
7) "Operating entity": the legally authorized person or entity that, as the case may be: a) Carries out the operation on behalf of the originator, namely by initiating the operation and transferring the funds after receiving the operation request from the originator ("originator's provider"); b) Receives the operation directly from the originator's provider or through an intermediary provider and makes the funds available to the beneficiary ("beneficiary's provider"); c) Performs both tasks provided for in subparagraphs a) and b) ("originator's and beneficiary's provider"); d) Is inserted in a chain of serial and cover payments, receiving and transmitting an operation on behalf of an originator's provider and a beneficiary's provider, or another intermediary provider ("intermediary provider").
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8) "Reporting entity": the person or entity responsible for sending information to the Bank of Portugal, in accordance with the provisions of Title III of this Notice.
9) "Subsidiary": the legal entity that is in a control relationship with another legal entity, or over which the latter exercises a dominant influence; § It is also considered that: (i) The subsidiary of a subsidiary is also a subsidiary of the legal entity on which both depend; (ii) Its branches, agents, and other forms of establishment, regardless of the territory in which they operate, are part of the same subsidiary.
10) "Unique identifier": a combination of letters, numbers, and/or symbols that allows for the unambiguous identification of each person, center of collective interests without legal personality, or entity that intervenes as originator and/or beneficiary of one or more operations.
11) "Operation": any operation covered by Article 5 of this Notice;
12) "Offshore jurisdiction": any territory expressly identified as such by the Bank of Portugal, under the provisions of paragraph 1 of Article 3 of this Notice;
13) "Originator": an individual or legal entity, a center of collective interests without legal personality, or any other entity that holds a payment account and authorizes the execution of an operation from that account, or that, in the absence of a payment account, issues an order for the execution of an operation;
14) "Payment service provider": persons and entities that fall or will fall within the definitions contained in subparagraph k) of Article 2 of the RJSPME and paragraph 11 of Article 4 of Directive (EU) 2015/2366 of the European Parliament and of the Council, of November 25, 2015.
Article 3
Offshore jurisdiction
1 – Without prejudice to the provisions of the following paragraphs, the Bank of Portugal is responsible for: a) Issuing and, whenever appropriate, updating the list of relevant offshore jurisdictions for the purposes of this Notice; b) Defining the effective date of the list referred to in the preceding subparagraph, as well as its subsequent updates. 2 – Reporting entities, based on their specific operational reality, shall send to the Bank of Portugal the identification of territories, including possibly parts of the national territory, that have been characterized by attracting a significant volume of activity with non-residents, due, namely, to the existence of less demanding regimes for obtaining authorization for banking activity and supervision, a special banking secrecy regime, tax advantages, differentiated legislation for residents and non-residents, or facilities for creating special purpose vehicles (SPV). 3 – When preparing the list referred to in paragraph 1 or its subsequent updates, the Bank of Portugal will take into account the information transmitted to it by the reporting entities under the provisions of the preceding paragraph, without prejudice to: a) Not being bound to include in the list it prepares, or in its subsequent updates, the territories communicated to it by the reporting entities; b) Being able to include other territories in the said list or its subsequent updates, in addition to those communicated to it by the reporting entities. Notice of the Bank of Portugal No. 8/2016
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4 – The information referred to in paragraph 2 must be sent to the Bank of Portugal: a) By October 31 of each year, reporting on the specific operational reality verified in the period between October 1 of the year prior to submission and September 30 of the year of submission; b) Through the BPnet system, created by Instruction No. 30/2002, published in Official Bulletin No. 10, of October 15, 2002; c) In compliance with the technical specifications and reporting models to be defined by the Bank of Portugal. 5 – When, in a given reference period, their specific operational reality has not allowed for the identification of any territories that fall within the characteristics set out in paragraph 2, the reporting entities shall inform the Bank of Portugal of this fact. 6 – The provisions of paragraphs 5 and 6 of Article 9 of this Notice apply, with the necessary adaptations, to communications made under paragraph 4. 7 – In complying with the provisions of paragraph 2, reporting entities shall take into account, namely, the following aspects of their specific operational reality: a) Risk profiles of clients and counterparties, particularly non-residents; b) Nature of the business areas developed; c) Risks associated with the countries and geographical areas in which they operate directly or through third parties, particularly those arising from attracting a significant volume of activity with non-residents, due to any of the circumstances set out in paragraph 2 or others with equivalent effect.
Article 4
Operating entities
1 – The following are operating entities, insofar as they intervene in any of the operations covered by this Notice: a) The following payment service providers with head office in Portugal: (i) Credit institutions; (ii) Financial companies; (iii) Payment institutions; (iv) Electronic money institutions; (v) Universal postal service concessionaire entity; (vi) Individuals and legal entities that benefit or may benefit from the derogation referred to in Article 32 of Directive (EU) 2015/2366 of the European Parliament and of the Council, of November 25, 2015. b) Payment service providers with head office in another Member State of the European Union and equivalent entities with head office in a third country, when: (i) They are covered by the relevant consolidation perimeter referred to in Chapter I of Title III of this Notice; or (ii) They are subsidiaries of payment service providers with head office in Portugal, for the purposes provided for in Chapter II of Title III of this Notice. c) Branches, established in national territory, of payment service providers with head office outside Portugal, when such providers do not fall within the preceding subparagraph. d) Payment service providers with head office outside Portugal, when such providers do not fall within subparagraph b) and operate in Portugal through agents or other forms of establishment, with the exception of branches. 2 – In the situations provided for in subparagraphs a) and b) of paragraph 1, their branches, agents, and other forms of establishment, regardless of the territory in which they operate, are part of the same operating entity. 3 – Entities that, not falling within the categories provided for in paragraph 1, also intervene, in any form, in the operations provided for in subparagraph b) of paragraph 1 of Article 5 of this Notice are also considered operating entities. 4 – For the purposes of this Notice, the intermediary provider of a given operation may not, in any case, appear as the originator or beneficiary of that operation.
Chapter III
Scope and addressees
Article 5
Scope
1 – This Notice applies to any operation carried out, at least partially, by electronic means, on behalf of an originator through an operating entity, with a view to making funds available to a beneficiary through the same or another operating entity, even if: a) The originator and the beneficiary are the same person, center of collective interests without legal personality, or entity; b) The operations in question correspond to: (i) Payment operations provided for in subparagraphs m) and n) of paragraph 1 of Article 5 of the RJSPME; (ii) Any operations between entities that are part of the same group, within the meaning of subparagraph j) of Article 2 of Decree-Law No. 145/2006, of July 31, when not falling within the preceding subparagraph; (iii) Other own-account operations carried out with counterparties. 2 – This Notice also applies to payment operations provided for in sub-subparagraph vii) of subparagraph g) of paragraph 1 of Article 5 of the RJSPME.
Article 6
Addressees
1 – The addressees of the rules contained in this Notice are the persons or entities responsible or potentially responsible for complying with them, in accordance with the provisions of its Title III.
2 – Payment service providers listed in subparagraphs i) and j) of paragraph 1 of Article 7 of the RJSPME are not addressees of the rules contained in this Notice.
Title II
Registration and communication duties and related procedures
Article 7
General provisions
1 – The provisions of this Title apply whenever an operating entity, regardless of its place of domicile, acts as the originator's provider, beneficiary's provider, originator's and beneficiary's provider, or intermediary provider for any of the operations covered by this Notice. 2 – The provisions of this Title do not prejudice the possibility for the Bank of Portugal, including for the purposes of this Notice, to: a) Define, whenever justified, ad hoc information reports and require compliance with the corresponding reporting obligations within the established deadlines; b) Request any other information or clarifications it deems necessary.
Article 8
Duty to register
1 – At least the information elements provided for in Annex I of this Notice, which is an integral part thereof, must be registered for each operation.
2 – The registration of the information elements provided for in Annex I of this Notice must be carried out in accordance with the indications resulting from the said Annex.
Article 9
Duty to communicate
1 – The information elements referred to in Article 8 must be communicated to the Bank of Portugal whenever the operations: a) Have a unitary value equal to or greater than 15,000 euros; or b) Form part of a set of operations with an aggregate value equal to or greater than 15,000 euros that appear to be related to each other. 2 – In compliance with the provisions of paragraph 1, the information elements must be sent to the Bank of Portugal: a) By the end of the month following each calendar quarter, reporting on all operations carried out during that quarter; b) Through the BPnet system, created by Instruction No. 30/2002, published in Official Bulletin No. 10, of October 15, 2002. 3 – When, in a given reference period, there has been no existence of operations subject to registration under the provisions of this Notice, or that meet the conditions for communication to the Bank of Portugal referred to in paragraph 1, the reporting entities shall inform the Bank of Portugal of this fact. 4 – The Bank of Portugal determines the technical specifications and reporting models intended to ensure the execution of the provisions of this article and carries out the updates that, for this purpose, prove necessary, and the reporting entities must fully observe the technical specifications and reporting models that, at any time, are defined by the Bank of Portugal. 5 – In case of force majeure or technical inoperability of the BPnet system, compliance with the provisions of paragraphs 2 and 3 may, exceptionally, take place via email, and for this purpose: a) The Bank of Portugal must be previously requested to provide the corresponding file, by email sent to the address das.aia.npb@bportugal.pt or another subsequently communicated by the Bank of Portugal; b) The file must be filled in and subsequently sent to the same address. 6 – Elements reported are considered not sent to the Bank of Portugal: a) Via email, without any of the circumstances provided for in the preceding paragraph being verified, or when an updated file previously provided by the Bank of Portugal is not used; b) By any other means other than the BPnet system.
Article 10
Aggregated nature of operations
1 – For the purposes provided for in paragraph 1 of Article 9 of this Notice, when assessing the aggregated nature of a set of operations, among other criteria, the time elapsed between operations, the identity of the participants in them, the segmentation of the amounts involved, and the type and number of operations carried out must be taken into consideration. 2 – At least the operations carried out in the same quarterly reference period, as indicated in subparagraph a) of paragraph 2 of Article 9 of this Notice, and: a) Carried out by the same originator, or by a set of originators demonstrably related to each other; b) Whose funds are made available to the same beneficiary, or to a set of beneficiaries demonstrably related to each other; or

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Mod. 99999910/T – 01/14 c) Whose ordering parties and beneficiaries, or persons or entities recognized as related to them, coincide.

Article 11.
Conservation obligations
1 – The register referred to in Article 8 of this Notice must, for a minimum period of five years after the completion of the operations subject to registration:
a) Be kept on paper or on another durable medium, within the meaning of paragraph 19) of Article 2 of Bank of Portugal Notice No. 5/2013, of December 18; b) Be archived under conditions that allow for their adequate preservation, easy location, and immediate access to them, whenever the information is requested by those responsible for risk management, compliance, or audit functions, by external auditors, or by the Bank of Portugal.

2 – Without prejudice to the provisions of other applicable legislation and regulation, notably in the field of combating money laundering and terrorist financing, the fulfillment of the conservation obligations provided for in paragraph 1 must also be ensured regarding any document or register serving as proof:
a) Of the messages and other data processed through the messaging, payment, or settlement systems used to carry out the operations; b) Of any identification, due diligence, or other measures that have been applied to obtain the informational elements subject to registration.

3 – The fulfillment of document, register, or other proof-bearing medium conservation periods, as well as the integrity, currency, and completeness of the information to be conserved, and access to that information by the Bank of Portugal, must be ensured at all times and under any circumstances.

Article 12.
Control procedures
1 – Suitable information systems and/or tools must be implemented to guarantee the obtaining, recording, currency, and reliability of the informational elements provided for in Annex I of this Notice.

2 – Effective monitoring procedures must also be adopted with a view to detecting whether, in the messaging system or the payment and settlement system used to carry out an operation, the fields relating to information about the ordering party, the beneficiary, and the operation were adequately filled in according to the characters or data agreed upon for that system and to the extent necessary to ensure full compliance with the provisions of this Notice.

3 – Without prejudice to the provisions of the following paragraph, effective and risk-based procedures must also be implemented for:

Bank of Portugal Notice No. 8/2016
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Mod. 99999910/T – 01/14 a) Determining the situations in which the execution, rejection, or suspension of operations must take place where relevant information for compliance with this Notice is omitted; and b) Defining appropriate follow-up actions.

4 – When an operating entity is subject to the prudential supervision of the Bank of Portugal on an individual basis and acts as the ordering party provider for a given operation, the informational elements provided for in Annex I of this Notice are obtained prior to the completion of the same.

5 – Without prejudice to the provisions of the preceding paragraph, when, during the course of carrying out the operation, it becomes known that information necessary for full compliance with this Notice is omitted or incomplete, the operation must be rejected, or the relevant additional information must be requested from the other providers involved in the operation, in accordance with the concrete risk identified, without prejudice to the provisions of the legislation and regulation in force regarding the combating of money laundering and terrorist financing and payment services, notably the provisions of the RJSPME.

6 – If the other providers involved in the operations do not regularly provide the information necessary for full compliance with this Notice, mitigation measures that are proportional, necessary, and adequate to the concrete risk identified must be applied, which may include:
a) Initially, the issuance of warnings and the setting of deadlines; b) The rejection of future operations; or c) The termination or restriction of commercial relations with those providers.

7 – Any events that determine the adoption of the measures provided for in the preceding paragraph, or others intended for the same purpose, must be communicated to the Bank of Portugal. Such communications, separate from any periodic reporting, must contain a description of the measures adopted and be made through a specific document.

Title III
Those responsible for compliance
Chapter I
Operations carried out by operating entities integrated into a consolidation perimeter subject to the supervision of the Bank of Portugal

Article 13.
Duties of registration and communication
1 – It is the responsibility of the parent company to comply with the provisions of Title II of this Notice, regarding operations in which operating entities have intervened, which, at the time of their completion, were part of the consolidation perimeter relevant for prudential supervision purposes, in accordance with the applicable legal and regulatory framework.

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2 – The provisions of paragraph 1 include operations carried out by the parent company itself, when it acts as an operating entity.

3 – The parent company must also register and subsequently communicate to the Bank of Portugal, in accordance with the provisions of Article 9 of this Notice:
a) The clear and unequivocal identification of the operating entities that have intervened in each operation; b) The type of intervention that, in the operation, fell to each operating entity (ordering party provider, beneficiary provider, ordering party and beneficiary provider, or intermediary provider); c) When applicable, the clear and unequivocal identification of the branches, agents, or other forms of establishment used for that purpose.

4 – The conservation requirements set out in Article 11 of this Notice are also applicable to the registration of the additional informational elements provided for in the preceding paragraph.

5 – Notwithstanding the provisions of Article 15 of this Notice, compliance with the procedures provided for in its Article 12 may be ensured directly by the parent company or through the operating entities that, being part of the consolidation perimeter relevant for prudential supervision purposes, intervene in the operations, without prejudice to the ultimate responsibility for the timely compliance with those procedures remaining with the parent company.

Article 14.
Information circulation procedures and impediments 1 – The parent company must implement procedures that ensure the exchange of information within the consolidation perimeter relevant for prudential supervision purposes, with a view to ensuring full compliance with the provisions of this Notice.

2 – Whenever, in light of applicable legal provisions, it cannot be required of the parent company that it fulfill the obligations incumbent upon it under Article 13 of this Notice and the preceding paragraph, those obligations shall fall to the operating entity that, being part of the same consolidation perimeter, has its registered office in Portugal and presents the highest total balance sheet value.

3 – The parent company or the operating entity provided for in paragraph 1 must, as the case may be, immediately inform the Bank of Portugal of any impediment, of a legal or other nature, that prevents compliance with the provisions of Article 13 of this Notice, as well as of the alternative measures adopted to ensure compliance with the duties provided for therein.

4 – The duty to inform the Bank of Portugal provided for in the preceding paragraph is exercised:
a) By sending a specific document to that supervisory authority, separate from any periodic reporting; and b) Prior to the completion of the operation to which the impediment relates, when an operating entity subject to the prudential supervision of the Bank of Portugal on an individual basis intervenes in it and acts as the ordering party provider for that operation.

5 – When the measures referred to in the final part of paragraph 1 prove inadequate, the Bank of Portugal adopts supervisory actions intended to ensure effective knowledge of the operations covered by this Notice, and may, when such knowledge is not established, determine the prohibition or limitation of the execution of those operations.

Article 15.
Payment service providers subject to the prudential supervision of the Bank of Portugal on an individual basis In addition to the obligations provided for in this Chapter, the Bank of Portugal may determine that payment service providers, within a relevant consolidation perimeter, that are subject to its prudential supervision on an individual basis must:
a) Proceed to the registration and subsequent communication to the Bank of Portugal of the operations in which they or their subsidiaries intervene as operating entities, in accordance with the provisions of Chapters II and III of this Title, insofar as they are applicable; and b) Be responsible, regarding such operations, for the proper execution of the procedures provided for in Article 12 of this Notice.

Chapter II
Operations carried out by payment service providers with their registered office in Portugal

Article 16.
Duties of registration and communication
1 – Payment service providers with their registered office in Portugal that do not form part, for the purposes of the provisions of Chapter I of this Title, of a consolidation perimeter subject to the prudential supervision of the Bank of Portugal must, regarding operations in which they or their subsidiaries intervene as operating entities:
a) Comply with the provisions of Title II of this Notice; b) Observe, with the necessary adaptations, the provisions of paragraphs 3 and 4 of Article 13 of this Notice.

2 – The following are also applicable:
a) Paragraph 1 of Article 14 of this Notice, regarding the exchange of information between payment service providers with their registered office in Portugal and their subsidiaries, with a view to compliance with this Notice; b) Paragraphs 3 to 5 of the same Article 14, regarding any impediment that prevents compliance with the preceding paragraph 1.

3 – Unless otherwise determined by the Bank of Portugal, payment service providers with their registered office in Portugal that are subsidiaries of other payment service providers also with their registered office in Portugal are exempt from observing the provisions of this article, insofar as they act as operating entities covered by the duties of registration and communication referred to in paragraph 1.

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Chapter III
Operations carried out in national territory under the freedom of establishment
Section I
General provisions

Article 17.
Payment service providers authorized to operate in national territory under the freedom of establishment The provisions of this Chapter III are applicable to the payment service providers listed in letters e) to g) of paragraph 1 of Article 7 of the RJSPME, when:
a) They operate in national territory through forms other than the free provision of services; and b) They are not qualifiable as operating entities covered by the registration and communication obligations provided for in Chapters I or II of this Title, as the case may be.

Section II
Operations carried out by branches of payment service providers with their registered office outside Portugal

Article 18.
Branches of payment service providers authorized to operate in national territory 1 – Branches, established in national territory, of payment service providers with their registered office outside Portugal must, regarding operations in which they themselves intervene as operating entities, comply with the provisions of Title II of this Notice.

2 – The branches referred to in paragraph 1, in addition to the informational elements contained in Annex I of this Notice, must also register and subsequently communicate to the Bank of Portugal, in accordance with the provisions of Article 9 of this Notice, the type of intervention that fell to them in the completion of each operation (ordering party provider, beneficiary provider, ordering party and beneficiary provider, or intermediary provider).

3 – The conservation requirements set out in Article 11 of this Notice are also applicable to the registration of the additional informational elements provided for in paragraph 2.

4 – It is the branch itself that, in compliance with the provisions of paragraphs 1 and 2, must act as the reporting entity towards the Bank of Portugal.

Section III
Operations carried out by payment service providers authorized to operate in national territory through agents

Article 19.
Agents of payment service providers authorized to operate in national territory 1 – Payment service providers with their registered office outside Portugal must, regarding operations in which they intervene as operating entities through agents established in national territory, comply with the provisions of Title II of this Notice.

2 – The payment service providers referred to in paragraph 1, in addition to the informational elements contained in Annex I of this Notice, must also register and subsequently communicate to the Bank of Portugal, in accordance with the provisions of Article 9 of this Notice:
a) The type of intervention that fell to them in the completion of each operation (ordering party provider, beneficiary provider, ordering party and beneficiary provider, or intermediary provider); b) The clear and unequivocal identification of the agents used for that purpose.

3 – The conservation requirements set out in Article 11 of this Notice are also applicable to the registration of the additional informational elements provided for in the preceding paragraph.

4 – Compliance with the obligations provided for in the preceding paragraphs may take place through the central points of contact referred to in Article 7 of Notice No. 5/2013, of December 18.

5 – In addition to the provisions of the preceding paragraphs, the Bank of Portugal may determine that payment service providers subject to its prudential supervision, when they act as agents of another payment service provider with their registered office outside Portugal, must:
a) Comply, with the necessary adaptations, with the provisions of Title II of this Notice and the preceding paragraphs 2 and 3, with the exception of letter b) of paragraph 2; b) Register and subsequently communicate to the Bank of Portugal, in accordance with the provisions of Article 9 of this Notice, the clear and unequivocal identification of the payment service provider on whose behalf the operation is carried out, with the conservation requirements provided for in Article 11 also being applicable.

6 – The provisions of this article are also applicable to operations that are or may be carried out by payment service providers with their registered office outside Portugal, through forms of establishment in national territory other than agents or branches.

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Title IV
Complementary provisions

Article 20.
Portuguese language
Whenever the registers, documents, proof-bearing mediums, and procedure manuals relevant for the purposes of this Notice are not drafted in the Portuguese language, the addressees of said Notice must:
a) Be equipped with the necessary means and resources for the full understanding, at any time, of the content of those registers, documents, proof-bearing mediums, and procedure manuals; b) Ensure the immediate and faithful translation of the same, whenever this is requested by the Bank of Portugal or by other authorities with competence for that purpose.

Article 21.
Equivalent amount in foreign currency
Any reference in this Notice to amounts expressed in euros must be considered as also being made for an equivalent amount expressed in any other foreign currency, determined by reference to the market exchange rate on the day of the operation.

Article 22.
Informational support
1 – Any requests for information or clarification related to the application of this Notice must be directed to the Investigation and Sanctioning Department of the Bank of Portugal, via the email address das.aia.npb@bportugal.pt or another subsequently communicated by the Bank of Portugal.

2 – Without prejudice to the individual clarifications to be provided under the provisions of paragraph 1, the Bank of Portugal publishes, in Annex II of this Notice, a guiding and merely indicative list of:
a) Reporting entities responsible for fulfilling the mandatory reporting duties established by Title III of this Notice; and b) Operating entities that may be covered by each of the mandatory reporting situations provided for in that Title.

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Title V
Transitional and final provisions

Article 23.
Transitional rule
1 – The first sending of information to the Bank of Portugal, under the provisions of paragraph 4 of Article 3 and paragraph 2 of Article 9 of this Notice, must take place by January 31, 2017, reporting on the specific operational reality verified in the month of December 2016 or on the operations carried out in that month, respectively.

2 – Until the issuance of the list referred to in paragraph 1 of Article 3 of this Notice, the territories identified in Circular Letter No. 23/10/DSBDR, of August 11, 2010, with the update given by Circular Letter No. 8/11/DSPDR, of August 5, 2011, and which are contained in Annex III of this Notice, are considered as offshore legal jurisdictions, for the purposes of the provisions of this Notice.

Article 24.
Repealing rule
Instruction No. 17/2010, distributed with Circular Letter No. 19/2010/DSB, of July 9, 2010, and published in the Official Bulletin of the Bank of Portugal, No. 8/2010, of August 16, 2010, is repealed, as well as Circular Letter No. 22/2010/DSB, of August 11, 2010, published in the Official Bulletin of the Bank of Portugal, No. 9/2010, of September 15, 2010.

Article 25.
Entry into force
This Notice enters into force on December 1 (one), 2016.

September 23, 2016 - The Governor, Carlos da Silva Costa.

Annex to Bank of Portugal Notice No. 8/2016
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Annex I
[referred to in Articles 8, 12, 18, and 19 of the Notice] This Annex sets out the informational elements that must be subject to registration and, whenever the circumstances provided for in paragraph 1 of Article 9 of the Notice are met, subsequent communication to the Bank of Portugal, in consonance with the specifications and reporting models to be defined.

According to the definition of client provided in the Notice, the following must be considered as a client of the operating entity:
(a) The ordering party of the operation, whenever the operating entity acts as the ordering party provider or ordering party and beneficiary provider; (b) The beneficiary of the operation, whenever the operating entity acts as the beneficiary provider or ordering party and beneficiary provider.

All the most recent informational elements available to the operating entity must also be subject to registration, even in the context of other business relationships or occasional transactions, within the meaning of paragraphs 18) and 21) of Article 2 of Bank of Portugal Notice No. 5/2013, of December 18, respectively.

I.
INFORMATIONAL ELEMENTS TO BE REGISTERED IN COMPLIANCE WITH THE PROVISIONS OF ARTICLE 8 OF THE NOTICE A. Connection element(s) with offshore legal jurisdiction:

1. Connection element(s) of the beneficiary with offshore legal jurisdiction;
2. Offshore legal jurisdiction(s) for each connection element indicated.

B. Elements relating to the ordering party of the operation:
3. When the ordering party is a client of the operating entity:
3.1 In the case of natural persons:
(a) Their unique identifier;
(b) The following identifying elements:
(i) Full name;
(ii) Date of birth;
(iii) Civil identification number or, when the ordering party does not have a national citizen card or identity card, the number and country of issue of the passport; (iv) Nationality stated on the identification document; (v) Complete address of permanent residence and, when different, complete address of fiscal residence; (vi) Place of birth; (vii) Other nationalities not stated on the identification document; (viii) National tax identification number, whenever the same has been assigned.

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3.2 In the case of legal entities:
(a) Their unique identifier;
(b) The following identifying elements:
(i) Full name;
(ii) Full registered office address and, where applicable, full address of the branch or stable establishment that interacts with the operating entity; (iii) Corporate identification number; (iv) Type of identification document from which the identification number referred to in the previous sub-paragraph was extracted; (v) Country of incorporation; (vi) CAE code (Classification of Economic Activities), institutional sector code or other codes of a similar nature, as applicable to the activity pursued; (vii) National tax identification number, whenever it has been assigned and does not coincide with the identification number referred to in sub-paragraph (iii).

3.3 In the case of sole traders, the corporate identification number (when different from the tax identification number), the full name and registered office address, in addition to the elements referred to in No. 3.1.

3.4 In the case of limited liability sole establishments or collective interest centers without legal personality, the elements set out in No. 3.2, with the necessary adaptations.

4. When the orderer is not a client of the operating entity:
   4.1 In the case of natural persons and sole traders:
   (a) Their unique identifier;
   (b) The name;
   (c) The other elements provided for in No. 3.1, whenever they are known to the operating entity; (d) Regarding sole traders, and in addition to the elements referred to in the previous sub-paragraph, the elements provided for in No. 3.3, whenever they are known to the operating entity.

4.2 In the case of legal entities and, with the necessary adaptations, limited liability sole establishments or collective interest centers without legal personality:
(a) Their unique identifier;
(b) The name;
(c) The other elements provided for in No. 3.2, whenever they are known to the operating entity.

C. Elements relating to the beneficiary of the operation:
5. The elements provided for in the previous Nos. 3 and 4, relating to the beneficiary of the operation.

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D. Elements relating to the operation:
6. Internal reference of the operation, to be assigned for the purpose of communication to the Bank of Portugal;
7. Identification of operations related to each other, in accordance with the aggregation criteria defined in compliance with the provisions of Article 10 of the Notice;
8. Indication, for each set of aggregated operations, of their respective aggregation criteria;
9. Type of payment service or, in the case of an operation covered by sub-paragraph (b) of No. 1 or by No. 2 of Article 5 of the Notice, indication of its respective typology;
10. Execution date;
11. Value in euros;
12. Currency of the operation;
13. When the currency of the operation is different from euros:
(a) Value in the original currency at the date of execution of the operation; (b) Exchange rate at the date of execution of the operation.

14. Whenever the orderer authorizes the execution of the operation through a payment account:
    (a) Indication of the IBAN of the orderer's payment account; or (b) When there is no IBAN, indication of the full number of the orderer's payment account.

15. Full BIC code of the orderer's provider or, when the same does not exist:
    (a) Full name of the orderer's provider;
    (b) Country of the orderer's provider; and
    (c) City of the orderer's provider.

16. Whenever the funds are made available to the beneficiary through a payment account:
    (a) Indication of the IBAN of the beneficiary's payment account; or (b) When there is no IBAN, indication of the full number of the beneficiary's payment account.

17. Full BIC code of the beneficiary's provider or, when the same does not exist:
    (a) Full name of the beneficiary's provider;
    (b) Country of the beneficiary's provider; and (c) City of the beneficiary's provider.

18. Whenever one or more intermediate providers intervene in the operation, full BIC code of each intermediate provider or, when there is no BIC code:
    (a) Full name of each intermediate provider;
    (b) Country of each intermediate provider; and (c) City of each intermediate provider.

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19. Additional information arising from the messaging, payment or settlement systems used to carry out the operation.

II.
In the case of orderers and/or beneficiaries who are not clients of the operating entity:

1. Without prejudice to the mandatory inclusion of the name or denomination, the recording of the informational elements must be processed with the highest degree of completeness possible, prioritizing the obtaining of the informational elements provided for in Nos. 3 to 5 of the previous Point I.

2. For the purposes provided for in the previous No. 1, all information that is known to the operating entity must be used and aggregated, namely:
   (a) Information obtained by the operating entity from its clients and/or in execution of the preventive duties regarding money laundering and terrorist financing; and (b) Information made available to the operating entity through the messaging, payment or settlement systems used to carry out the operation.

3. The addresses to be recorded may correspond to the addresses communicated through the messaging, payment or settlement systems used to carry out the operation, or others that are known to the operating entity, provided that the provisions of Nos. 1 and 2 are complied with and the territory in which each of the addresses to be recorded is located is unequivocally identified.

4. The type, number and country of issue of another identification document other than those provided for in sub-paragraph (iii) of sub-paragraph (b) of No. 3.1 of the previous Point I must be recorded, whenever these are not known to the operating entity and provided that the provisions of the previous Nos. 1 and 2 are complied with.

III.

1. The unique identifier must allow:
   (a) The unambiguous identification of each natural or legal person, collective interest center without legal personality or any other entity that intervenes as orderer and/or beneficiary of the operations; (b) The aggregation of all operations carried out, in the capacity of orderer and/or beneficiary of the operations, by a given natural or legal person, collective interest center without legal personality or any other entity, even when there is an update of the informational elements relating to the orderer and/or beneficiary subject to recording.

2. In order to guarantee the unambiguous identification of all operations involving the same natural or legal person, collective interest center without legal personality or any other entity, the unique identifier must remain unchanged from the moment of its assignment.

3. The obligation to assign the unique identifier is not applicable to operations in which the operating entity intervenes in the capacity of intermediate provider.

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IV.
Whenever, in light of the provisions of Article 10 of the Notice, a set of aggregated operations with a value equal to or greater than 15,000 euros that appear to be related to each other is identified, the recording of the informational elements must be carried out in a disaggregated manner, without prejudice to the fact that the related operations must be indicated.

V.
The informational requirements identical to those in force for operations where both the orderer and the beneficiary of the operation qualify as clients of the operating entity must be observed, with respect to the operations covered by sub-paragraph (b) of No. 1 of Article 5 of the Notice.

VI.
In accordance with the provisions of Title III of the Notice, the communication to the Bank of Portugal, in the cases provided for in No. 1 of Article 9 of the Notice, of the informational elements set out in this Annex must always be ensured by the reporting entity, through authentication to be carried out with the BPNet system, in accordance with the terms to be defined by the technical specifications referred to in Article 9 of the Notice.

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Annex II
[as referred to in Article 22 of the Notice]
The present Annex aims to provide reporting entities with a merely indicative list of the reporting entities to whom the fulfillment of the mandatory reporting duties established by the Notice, according to its Title III, falls, as well as of the operating entities that may be covered by each of those mandatory reporting situations. Consequently, the present Annex does not intend to constitute an exhaustive list of the various reporting situations that may take place in compliance with the Notice, the definition of the concrete scope of reporting falling instead on the reporting entities, in accordance with the provisions of the Notice.

TITLE III OF THE NOTICE
SCOPE | REPORTING ENTITY (RE) | OPERATING ENTITY(IES) (OE) ---|---|--- INSTITUTIONS SUBJECT TO THE SUPERVISION OF THE BANK OF PORTUGAL BASED ON THEIR CONSOLIDATED FINANCIAL SITUATION | Parent company or, in the cases provided for in No. 2 of Article 14 of the Notice, OE that, within the relevant consolidation perimeter, has its registered office in Portugal and presents the total balance sheet with the highest value. | • The RE itself (when it intervenes in any of the operations covered by the Notice).

• Payment service providers referred to in sub-paragraph a) of No. 1 of Article 4 of the Notice, when included in the relevant consolidation perimeter.
• Payment service providers referred to in sub-paragraph b) of No. 1 of Article 4 of the Notice, when included in the relevant consolidation perimeter.
• Other entities that, being included in the relevant consolidation perimeter, also carry out the operations covered by sub-paragraph (b) of No. 1 of Article 5 of the Notice.
  If they exist, operations carried out through branches, agents or other forms of establishment belonging to any of the OEs are included.

PAYMENT SERVICE PROVIDERS WITH REGISTERED OFFICE IN PORTUGAL, IN AS MUCH AS THEY ARE NOT INCLUDED IN A CONSOLIDATION PERIMETER SUBJECT TO THE SUPERVISION OF THE BANK OF PORTUGAL ON A CONSOLIDATED BASIS | The payment service provider with registered office in Portugal, with the exception of those that qualify as branches of other payment service providers also with registered office in Portugal.* *Since the duty of reporting falls on the latter. | • The RE itself (when it intervenes in any of the operations covered by the Notice).

• If they exist, the branches of the RE that are payment service providers referred to in sub-paragraph a) of No. 1 of Article 4 of the Notice.
• If they exist, the branches of the RE that are payment service providers referred to in sub-paragraph b) of No. 1 of Article 4 of the Notice.
• Other entities that, being branches of the RE, also carry out the operations covered by sub-paragraph (b) of No. 1 of Article 5 of the Notice.
  If they exist, operations carried out through branches, agents or other forms of establishment belonging to any of the OEs are included.

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TITLE III OF THE NOTICE
SCOPE | REPORTING ENTITY (RE) | OPERATING ENTITY(IES) (OE) ---|---|--- BRANCHES, ESTABLISHED ON NATIONAL TERRITORY, OF PAYMENT SERVICE PROVIDERS WITH REGISTERED OFFICE OUTSIDE PORTUGAL THAT:
(I) ARE NOT INCLUDED IN A CONSOLIDATION PERIMETER SUBJECT TO THE SUPERVISION OF THE BANK OF PORTUGAL ON A CONSOLIDATED BASIS; OR (II) DO NOT QUALIFY AS BRANCHES OF PAYMENT SERVICE PROVIDERS WITH REGISTERED OFFICE IN PORTUGAL | The branch itself. | The branch itself.

PAYMENT SERVICE PROVIDERS WITH REGISTERED OFFICE OUTSIDE PORTUGAL THAT ACT ON NATIONAL TERRITORY THROUGH AGENTS* AND THAT:
(I) ARE NOT INCLUDED IN A CONSOLIDATION PERIMETER SUBJECT TO THE SUPERVISION OF THE BANK OF PORTUGAL ON A CONSOLIDATED BASIS; OR (II) DO NOT QUALIFY AS BRANCHES OF PAYMENT SERVICE PROVIDERS WITH REGISTERED OFFICE IN PORTUGAL.

• Or other forms of establishment, with the exception of branches. | The payment service provider with registered office outside Portugal, on whose behalf the agent(s) act(s). | The payment service provider, with respect to all operations in which agent(s) established in Portugal have intervened.

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Country | Code

Portaria 150/2004	ISO Code (2)
Andorra	1
Anguilla	2
Antigua and Barbuda	3
Netherlands Antilles	4
Aruba	5
Bahamas	7
Bahrain	8
Barbados	9
Belize	10
Bermuda	11
Bolivia	12
Brunei	13
Cape Verde	CV
Channel Islands	1
Cayman Islands	15
Cocos (Keeling) Islands	16
Cyprus	CY
Cook Islands	18
Costa Rica	19
Delaware	ZD
Dominica	21
Egypt	EG
United Arab Emirates	22
Falkland Islands or Malvinas	23
Fiji	24
Philippines	PH
Gambia	25
Grenada	26
Gibraltar	27
Guam	28
Guatemala	GT
Guyana	29
Honduras	30
Hong Kong	31
Yemen	83
Indonesia	ID
Iran	Includes
Jamaica	32
Djibouti	20
Jordan	33
Kiribati	35
Kuwait	36
Lebanon	38
Liberia	39
Liechtenstein	40
Special Administrative Region of Macau	MO
Malaysia	Includes
Maldives	42
Isle of Man	43

Annex III
[as referred to in Article 23 of the Notice]

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Country | Code

Portaria 150/2004	ISO Code (2)
Northern Mariana Islands	44
Marshall Islands	45
Mauritius	46
Minor Outlying Islands (USA)	UM
Myanmar	MM
Monaco	47
Montserrat	48
Nauru	49
Christmas Island	50
Nevada	ZN
Nigeria	NG
Niue Island	51
Norfolk Island	52
Oklahoma	ZO
Oman	53
Federated States of Micronesia	54
Palau	55
Panama	56
Pakistan	PK
Pitcairn Island	57
French Polynesia	58
Puerto Rico	59
Qatar	60
Solomon Islands	61
American Samoa	62
Western Samoa	63
Saint Lucia	65
Saint Helena, Ascension and Tristan da Cunha	6, 64 and 76

1 Includes the following territories: Alderney, Guernsey, Jersey, Great Sark, Herm, Little Sark, Brechou, Jethou and Lihou.
2 Includes the following territories: Spitsbergen archipelago and Bjornoya island