Regulation of Bank of Portugal no. 1/2022 on the anti-money laundering and combating terrorism financing
The Regulation no. 1/2022 of the Bank of Portugal on anti-money laundering and combating terrorism finance, within the supervisory competency granted by Law no. 83/2017 to Bank of Portugal, was published on 6th of June.
This Regulation specifies the conditions of the activity, the procedures, the tools, the mechanisms, the formalities of implementation, the reporting obligations and other aspects that are necessary to comply with anti-money laundering and combating terrorism financing duties set forth on Law no. 83/2017. The new Regulation revokes Regulation no. 2/2018 and the Instruction no. 2/2021.
Regulation no. 1/2022 sets a new regime, replacing the regulation and instruction aforementioned, and updates this framework to the amendments to Law no. 83/2017 approved by Law no 58/2022. Additionally, this regulation introduces the following changes:
i. unifies the framework in one single diploma,
ii. harmonises the framework with Regulation no. 3/2020 on the governance and control systems, and
iii. simplifies and clarifies some of the existing rules.
Regulation no. 1/2022 enters into force after 60 days of publication.
To access to the entire wording of Regulation of Bank of Portugal no. 1/2021 please click here (in Portuguese).
For more information on this subject, please contact:
Head of the Banking and Finance Department