On 5 June 2024, the Banco de Portugal published two pieces of legislation, which approved a new reporting format on the prevention of money laundering and terrorist financing.
In the context of the package approved by BdP, Instruction 8/2024 of 5 June (Instruction) was published, repealing Instruction 5/2019 of 30 January and Instruction 6/2020 of 6 March. The new Instruction establishes a new reporting format to be submitted annually by the financial entities subject to BdP supervision.
Pursuant to Article 3(1) of Instruction 8/2024, the report concerning the period from 1 January to 31 December of the previous year must be sent to BdP, through the BPnet system, by 31 March of each year. However, Article 8 of the Instruction provides for a transitional rule stipulating that reporting concerning the period from 1 January 2023 to 31 December 2023 may, exceptionally, be submitted until 30 September 2024.
BdP also approved Notice 3/2024 of 5 June (Notice), which amends article 83 of Notice 1/2022 of 6 June, introducing the necessary modifications in line with the new reporting format.
Under the terms of the new Notice, Article 83(2) of Notice 1/2022 is amended, with the deadline for submission of the report set for 31 March of each year. The Notice also amends paragraph 3 of that article, revoking subparagraph m), insofar as the information on the specific procedures implemented by financial entities to comply with Regulation (EU) 2015/847 and deficiencies detected in its implementation is considered to be part of the information transmitted under subparagraphs i) and j) respectively of that provision.
Both regulations came into force on 6 June 2024.
The Morais Leitão team has been advising its clients on the legal analysis of the applicable sectoral legislation and regulations on the prevention of money laundering and terrorist financing, both in terms of theory and in relation to their practical implementation. They are at your disposal for any clarification on the subject.
