Follows POR CMVM May 2020 issued AML regulation simplifying system, see #73419.
Overview
One of main objectives of the amendment involves ensuring regulatory framework follows current supervisory demands in the field.
To ensure entities subject to POR CMVM supervision provide sufficiently detailed and complete information, allowing it to exercise its supervisory skills more effectively and based on a knowledge-based risk approach.
Among main proposed changes is expansion of reporting duty to equity crowdfunding service providers as entities, notwithstanding their qualification as entities equivalent to obliged entities, are subject to compliance with certain duties in AML Law 83/2017.
That justifies need for greater supervision on AML risks associated with these activities and, consequently, their inclusion in reporting obligations.
For entities currently covered by reporting duty, additional information is now required about counterparties, to allow more in-depth knowledge of their risk characteristics.
Also re transfers received/carried out with origin/destination in high-risk jurisdictions.
That information is relevant to assess risk of cross-border activity of entities subject to supervision of POR CMVM in AML/CFT matters.
Crucial for risk-based supervision, also in line with FATF principles and EBA guidelines.
The changes, in addition to strengthening national supervision, will allow better cooperation and exchange of information for AML/CFT purposes.
As well as to avoid the need for individual and unexpected requests for information.
Review based on experience gained over past 5 years in application of the Regulation.
Introduces essential amendments to strengthen risk-based supervision effectiveness.
Provides supervised entities more in-depth knowledge for assessment of own risks.
Proposed amendment balances need to expand available information and compliance with principle of proportionality in reporting requirement by obliged entities.
Effectiveness
Consultation closes on May 21, 2025.
Regulators
POR CMVM
Entity Types
Bank; Inv Co; MSB
Reference
CP 2/2025, PR, 4/4/2025; Reg 2/2020; AML Law 83/2017
