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Money laundering and terrorism financing law in Portugal The 83/2017 Law transposes several European norms for the combat against money laundering and the financing of terrorism, and establishes the rules to be applied, in this scope, in the national territory. In a summarized and simplified way, we share what we think are the most important aspects that your company should consider, regarding this law. To which companies or organizations does this Law apply to? •
Credit institutions,
•
Payment institutions,
•
Electronic money institutions,
•
Investment companies,
•
Securities investment companies and selfmanaged real estate investment companies,
•
Venture capital companies,
•
Venture capital investors,
•
Social entrepreneurship societies,
•
Venture capital fund management companies,
•
Venture capital investment companies,
•
Specialized alternative investment companies, self-managed,
•
Credit securitization companies,
•
Companies that market, to the public, contracts relating to investment in tangible assets,
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Consultants for investment in securities,
•
Pension fund management companies,
companies
and
other
INTERNATIONAL BUSINESS. August 2021
financial
•
Insurance companies and intermediaries that carry out activities in the scope of the Life branch.
Practical implications for companies to which Law n. 83/2017 applies: •
The management board is responsible for implementing the policies and procedures regarding the prevention of money laundering and the financing of terrorism,
•
It is mandatory to implement internal control and risk prevention systems, of which we highlight:
•
Identify, assess and mitigate the specific risks of money laundering and terrorist financing existing in the context of their specific operational reality,
•
Putting in writing the money laundering policies and procedures, as well as keeping a written record of the initiatives carried out in this area,
•
Monitor, test and periodically review, through internal or external audits, the quality, adequacy and effectiveness of implemented policies and procedures,
•
Possess formal systems and processes for capturing, processing and archiving information related to analysis and decision-making;
•
Train, evaluate and control, on an ongoing basis, all employees with responsibilities in this area;
•
Periodically consult the information published in the central register of the beneficial owner, informing the Institute of Registries and Notaries of any irregularities identified.
Victor Ladeiro victor.ladeiro@auren.pt Portugal
www.antea-int.com
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22