Money laundering and terrorist financing

Banco de Portugal also acts in the field of the prevention of money laundering and terrorist financing.

Thus, the supervised institutions (including the branches of foreign institutions) are subject to several duties at the preventive level: for example, identification and due diligence of the customers, scrutiny and reporting of suspicious transactions, or establishment and implementation of internal control systems. In addition to providing for the compliance with these duties, Banco de Portugal, that also has regulatory functions, participates actively in the preparation of the Legal framework for the prevention of money laundering and terrorist financing.

Banco de Portugal is represented in national delegations to several international bodies dealing with these issues, as in the Portuguese delegation to the Financial Action Task Force (FATF), co-ordinated by Banco de Portugal.