Banking and Finance Newsletter - PBC/FT measures applicable to Virtual Assets Service Providers

Banco de Portugal Notice no. 1/2023 (Aviso 1/2023) was published on January 24, establishing the necessary aspects to ensure compliance with the preventive duties against money laundering and terrorist financing, in the context of the activity of entities that carry out activities with virtual assets (Virtual Assets Service Providers or "VASPs").
 
Notice 1/2023 regulates the conditions of exercise, procedures, instruments, mechanisms, implementation formalities, reporting obligations and other aspects necessary to ensure compliance with the duties to prevent money laundering and terrorist financing in the context of the activities of VASPs.

This Notice 1/2023 corresponds, therefore, to a new sectoral regulation of Banco de Portugal, regarding the prevention of money laundering and financing of terrorism, now specifically aimed at adapting the duties and obligations set out in Law No. 83/2017 of 18 August (Measures to Combat Money Laundering and Financing of Terrorism "PBC/FT") and Law No. 97/2017 of 23 August (Restrictive Measures approved by the United Nations or the European Union), to the operations carried out by VASPs.