Banco de Portugal issued a new notice on the prevention of money laundering and terrorist financing (BCFT) applicable to entities carrying out activities with virtual assets.

The supervisor sought with this new Notice, which takes effect this year, “to the extent possible and justifiable under a risk-based approach, a level playing field with the regime applicable to financial entities supervised by the Bank of Portugal for the purpose of preventing BCFT”.

“As the competent authority for supervising compliance with preventive duties against money laundering and terrorist financing by entities that carry out activities with virtual assets, Banco de Portugal announces that Notice no. 1/2023 was published today” reveals the financial supervisor.

Through this Notice, Banco de Portugal defines, among other aspects, the conditions for exercising preventive duties; the procedures, instruments, mechanisms, application formalities, obligations to provide information and “the other aspects that, at any given moment, prove to be adequate and necessary for the adoption of measures that allow or facilitate the verification, by the Bank of Portugal, of compliance with those preventive duties and other obligations provided for in Law n.º 83/2017, of 18 August”.

It also defines the means and mechanisms necessary for entities that carry out activities with virtual assets to comply with “the duties provided for in Law No. approved by the United Nations or the European Union”.

This Notice (n.º 1/2023) comes into force on July 15, 2023.

The regulatory project that gave rise to the Notice published today was the subject of Public Consultation by Banco de Portugal.

In the public consultation, some operators of virtual assets questioned whether the Notice does not go beyond the regime proposed in the AML Package, “so that Portugal will be – along with Germany – the European jurisdiction with a more demanding regime in terms of identifying elements”, reads up in the public consultation.


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