Public consultation: new ASAE Regulation on AML/CTF

The Notice no. 3240/2022, that launches a public consultation on a new regulation of the Authority for Economic and Food Safety (ASAE) on anti-money laundering and combating terrorism finance, was published in the Portuguese Official Journal on 17th February.

The proposal of new regulation repeals Regulation n.º 314/2018 and complements Law no. 83/2017, of 18th August, in what regards the entities under supervision of ASAE, in accordance with article 89 of Law no. 83/2017.

The proposed regulation shall be applicable to, namely, tax consultants, company service providers, sports agents and intermediaries, auctioneers, lenders, art dealers, rough diamonds importers and exporters, companies that provide services of transport or custody of valuables, dealers in high-value goods, namely, precious stones or metals, antiquities, vehicles, inter alia, and to other retailers that receive cash payments higher than 3,000.00€.

The proposal for regulation complements Law no. 83/2017 on the compliance of anti-money laundering duties and creates the obligation for obliged entities to have internal control procedures to identify and mitigate risks of money laundering with regards to customer acceptance. Moreover, obliged entities shall implement an anti-money laundering prevention manual containing the measures and internal controls.

The internal controls and procedures shall be monitored through regular and independent reviews to analyse the quality, appropriateness and efficiency of these policies and procedures. This reviews should be fulfilled at least annually for entities with more than 250 employees and every two years for entities with 249 employees or less.

Additionally, the required entities must have tools and IT systems that are suitable, proportional to the nature, dimension and complexity of the business that enable the entity to manage the risks and comply with the duties of identification and diligence.

The regulation proposal encompasses rules for distance contracts and the specific procedures that entities shall create to reduce the risk of money laundering on such contracts.

Any contribution to the public consultation shall be sent to:

To access to the entire wording of the proposal, please click here (in Portuguese).

For more information on this subject, please contact:
Miguel Silva Cordeiro
Tomás Gonçalves da Costa

Banking and Finance

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