BNA Order (Aviso) No. 14/20, of 22 June 2020, which applies to Financial Institutions under the supervision of BNA, established rules on the effective implementation of the duties provided for in the Law on the Prevention and Combating of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction (Law No. 5/20, of 27 January 2020), as well as the conditions for exercising them, and the instruments, mechanisms and formalities inherent to the prevention and combating of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

Among other aspects, the Order: established rules regarding the review and assessment of risk and the duty to collect and verify customer identification; determined the mechanisms for identifying the true beneficiary; established rules regarding the responsibility of the Board of Directors of the Financial Institution and the Compliance Officer; defined the form of reporting irregularities; and determined obligations regarding the selection and training of employees.

The new Order repealed Order Nos. 21/12 and 22/12, both of 25 April 2012.

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