Through Instruction 20/20, of 9 December 2020, the BNA defined the “BCFTP” report template, as well as the implementation of risk assessment and the relevant adaptation of financial institutions' auxiliary I.T. systems.

By 31 January of each year, banking financial institutions under BNA supervision must send the BNA a report reflecting the institution's situation in the period between 1 January and 31 December of the previous year and containing the minimum information provided for in the Instruction’s Annexes. The report should be sent in PDF format to the email address [email protected], or as a hard copy to the Department of Financial Conduct.

Every year, institutions must carry out an Institutional Risk Assessment, on an individual basis, with reference to the period between January and December, to be submitted to the BNA by 10 March of the following year. This assessment must be carried out using suitable tools and/or impartial external entities with proven experience and knowledge of the subject.

Finally, the Instruction determines that by 31 January 2021, institutions must implement and adapt I.T. tools and applications aimed at preventing and combating money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. The relevant instruction manual and functional description of the I.T. tools and systems implemented must be sent to the BNA. The Instruction also defines the characteristics and functions that these tools and applications must have.

This Instruction revoked paragraph 5 of Instruction 1/2013, of 22 March 2013, and Directive 01/ DRO/DSI/15, of 12 October 2015.

For more information on this Banking Alert please contact:
[email protected]