FINANCIAL MONITORING IN PORTUGAL

FINANCIAL MONITORING IN PORTUGAL

Portugal is one of the countries in Europe that works to prevent money laundering. Facing some risks due to its geographical location, Portugal aims to fight financial crimes with the AML regime effectively. The Portuguese government continues to take precautions for this, being aware of the risks posed by money laundering. The Portuguese government, which has been struggling with narcotic crimes for a long time from its geographical position, must stop the financial resources of crime organizations while continuing this struggle.

Portugal’s Struggle with Money Laundering

Criminal organizations need to destroy the evidence of crimes by laundering their income from narcotics. Criminals hide the elements of crimes as a result of money laundering and grow their criminal organizations with the crime revenues they obtain. Therefore, countries that do not take measures to prevent money laundering face more massive results. Portugal has defined narcotics, human trafficking, terrorist financing, arms smuggling, and corruption, with extensive AML laws and regulations, and works to prevent laundering crime revenues from these crimes.

In Portugal, all financial institutions, including insurance companies, have to ensure AML compliance. “Financial Information Unit,” the Portuguese Financial Intelligence Unit, is responsible for investigating suspicious transactions. Financial institutions report the suspicious transactions they detected to the Financial Intelligence Unit. The Financial Information Unit also informs financial institutions about changing crime techniques and warns them to take action.

What Are AML Obligations in Portugal?

Banco de Portugal is the central bank of the Portuguese Republic. Banco de Portugal is the authority responsible for anti-money laundering and the prevention of terrorist financing in Portugal. Banco de Portugal publishes measures to be taken by financial institutions with regulations to prevent money laundering. Portugal De Banco regulates the Portugal AML laws to comply with FATF and European Union regulations. Financial institutions in Portugal have to meet the following obligations to ensure AML compliance.

• Implementation of the AML Program
• Know Your Customer procedures
• Customer Due Diligence and Enhanced Due Diligence procedures
• Detecting and preventing suspicious transactions
• Keeping customer information and document records
• Preparation of suspicious transaction reports
• Training of AML employees

Therefore, in Portugal, as in all European countries, the requirements for financial monitoring are quite strict.

And that’s why you definitely need a financial monitoring lawyer.

Financial monitoring lawyer in Portugal is one of our main job profiles. Our bank lawyer will advise you on the following issues

• How much money can be deposited in a bank in Portugal?
• What to do when the bank requested documents about the origin of the cats?
• What documents confirm the origin of funds?
• Where to get documents confirming the origin of funds?
• What to do if there are not enough documents about the origin of the funds?
• How do withdraw (return) blocked funds in a Portuguese bank?
• How to close a bank account?
• How to legally bypass financial monitoring in Portugal?
• What to do if there is no source of funds?
• How to pass finmon in a Portuguese bank?