Financial Crime World

Portugal Cracks Down on Money Laundering with Strengthened AML Regulations

Portugal, known for its stunning beaches and rich history, is taking proactive measures to prevent money laundering and protect its economy from financial crimes.

Roots of Portugal’s AML Crusade

  • Joined Financial Action Task Force (FATF) in 1991
  • Established Financial Intelligence Unit (FIU) in 2002
  • Enacted Law No. 11/2004 aligning Portugal’s AML regulations with FATF and EU

Regulatory Landscape

  • Banco de Portugal: country’s central bank and primary AML regulator
    • Financial institutions must comply with regulations
    • Covers financial and non-financial businesses

Portugal’s AML Legislation Enhancements

  • Reduced cash transaction limits
  • Established national database for financial transactions recipients
  • Mandated attorneys to report suspected money laundering cases

International Recognition

  • US Department of State acknowledged Portugal’s commitment to combating money laundering in 2018 INCSR

Broadening AML Approach

  • Covers non-financial businesses
  • Customer identification and due diligence processes
  • Robust risk management systems
  • Reporting suspicious transactions
  • Compliance programs: risk assessment, policies, training, internal controls

Penalties for Non-Compliance

  • Imprisonment for up to 12 years or substantial fines for legal entities

AML Solutions in Portugal

  • Sanction Scanner: real-time AML compliance solution, tailored for Portugal’s regulatory environment

Key Features

  • Protect financial institutions and businesses from money laundering threats
  • Streamline customer due diligence and transaction monitoring
  • Stay updated with regulatory changes and sanctions lists

Request a Demo

Learn how Sanction Scanner can enhance your organization’s AML compliance efforts in Portugal. [contact-form][contact-field label=“Name” type=“name” required=“true” /][contact-field label=“Email” type=“email” required=“true” /][contact-field label=“Phone Number” type=“text” /][contact-field label=“Country” type=“text” /][contact-field label=“Company” type=“text” /][contact-field label=“Message” type=“textarea” /][/contact-form] [submit “Request Demo”]