Portugal
Portuguese ASF has approved Regulatory Standard 10/2024-R to strengthen the mechanisms for preventing and combating money laundering and terrorism
On November 5, 2024, the ASF approved Regulatory Standard 10/2024-R ( the “Standard”), which was published in the Official Gazette of the Republic of Portugal on November 27, 2024.
The Standard is part of the ASF’s ongoing efforts to strengthen measures to prevent and combat MLTF.Key aspects
- Identification and due diligence measures are strengthened, requiring entities to implement appropriate controls to identify clients, with enhanced measures for high-risk transactions.
- Developing internal policies and carrying out periodic assessments has become mandatory. Entities must now implement and update policies to prevent and combat money laundering and terrorist financing (“MLTF”), submitting periodic reports to the Portuguese Insurance and Pension Funds Supervisory Authority (the “ASF”).
- As in the banking sector, a member of the management body must be appointed as the officer responsible for supervising compliance with the rules, ensuring preventive measures are implemented effectively.
- To ensure compliance and transparency, entities must submit an annual report to the ASF and report any suspicious transactions.