Following a public consultation, Banco de Portugal published Notice No 1/2023 (“Notice”), which establishes and regulates the conditions of exercise, procedures, instruments, mechanisms, implementation formalities, reporting obligations and other aspects necessary to ensure compliance with the duties to prevent money laundering and terrorist financing in relation to economic activities related to crypto-assets.
The Notice provides for a series of due diligence duties, related to the internal control of these entities, as well as measures to mitigate the risks of money laundering and financing of terrorism, listing factors inherent to the customer or to the geographical location of those involved in the transactions, as risk indicators.
The Notice comes into force on 15 July 2023 and is available here.
