Prevention and detection of money laundering and terrorist financing

The entry into force of Law 83/2017 of August 18 altered some of the concepts as well as the procedures to be adopted in order to effectively comply with the duties relating to the prevention of money laundering and the financing of terrorism, within the scope of the activities of a wide range of organizations (financial and non-financial sectors). Organizations covered by this law must define and ensure, with regard to money laundering and terrorist financing,  (i) the effective application of policies, procedures and controls that are appropriate for the effective management of the risks to which they are or will be exposed and (ii) compliance with the respective legal and regulatory standards.

These policies, procedures and controls, to be included in the Compliance Programwill be proportionate to the nature, size and complexity of the Organization in question and the activity it pursues.

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