Financial Institutions and Markets

Notice no. 1/2022 of the Bank of Portugal (BoP) was published today, establishing, within the scope of the activity of financial entities subject to supervision by BoP, the necessary measures to ensure the preventive enforcement of money laundering and terrorist financing (“AML”), defining, amongst other features:

• The conditions for the exercise of the preventive duties against AML provided for in Law No. 83/2017;
• The required means and mechanisms for compliance with the duties provided for in Law No. 97/2017, with a view to the application and enforcement of restrictive measures approved by the United Nations or the European Union;
• The procedures payment service providers should take in order to detect transfers of funds where information on the payer or the payee is missing or incomplete and the appropriate procedures to handle transfers of funds which are not accompanied by the information required under Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds.

This Notice revokes and replaces Notice no. 2/2018 of the BoP and Instruction no. 2/2021, of the BoP, entering into force on 5th August 2022.