Financial Crime World

Title: Portugal’s Anti-Money Laundering Regulations: Banco Atlântico Europa’s Commitment

Subtitle: Understanding Portugal’s AML/CFT Policy and Compliance Measures at Banco Atlântico Europa

October 2023

Introduction

Banco Atlântico Europa, a leading financial institution in Portugal, is committed to upholding the highest standards in combating money laundering (ML) and terrorist financing (TF). In this article, we explore Portugal’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulations, specifically as they apply to Banco Atlântico Europa.

  • The bank operates within the legal and regulatory framework set by the Portuguese government and international organizations
  • Adherence to the global fight against ML and TF

Regulations

  1. Mandatory for all employees and external parties
  2. Compliance with Portuguese and international standards

Relevant Rules and Concepts

  • 40 FATF recommendations
  • EU Regulations 2015/847, 2580/2001, and 2015/849
  • Key regulations and concepts:
    • Money laundering
    • Terrorist financing
    • Beneficial owner
    • Politically Exposed Persons (PEPs)

Duties and Administrative Offenses

  • Identification and due diligence duty
  • Duty of refusal
  • Record-keeping duty
  • Consequences for non-compliance

Policies and Internal Procedures

  1. Organization and risk management
  2. Employee training
  3. Control mechanisms
  4. Customer identification and knowledge
  5. Politically Exposed Persons
  6. Document control and preservation
  7. Operations analysis and control

On-going commitment

  • Adapting policies and procedures to the latest regulations
  • Collaboration with relevant authorities

Conclusion

Banco Atlântico Europa’s commitment to upholding the highest standards in combating ML and TF is evident through its adherence to Portugal’s AML/CFT regulations. The bank’s policies and internal procedures ensure effective compliance, and commitment to on-going adaptation in this ever-evolving landscape.