Portugal’s increasingly paranoid treasury has ensured that deposits of €5,000 or more paid into an account other than the customer’s own will automatically trigger a referral to the Bank of Portugal. The reason give is the fight against money laundering.
The new rules come into force in February this year as depositors of €5,000 or more into a bank account other than their own will have to be identified. Those making transfers of €15,000 or more from their own account and the recipient of such largesse both will come under increased scrutiny.
The Bank of Portugal wants to tighten up on its ' fight against money laundering and terrorist financing' although no figures are revealed as to how many terrorists use bank transfers in Portugal to finance their activities.
Portugal’s banks soon will be required to identify depositors by name and will have to record additional data from citizen cards or passports. Bank transfers by internet of through ATMs for amounts over €15,000 now require the bank to identify the payer and payee and confirm the accuracy of the personal data of each.
The amendments were published by the Bank of Portugal on the 19th of December 2013 and come into force on February 16th.
International terrorists and money launderers are notably sophisticated in their use of money and banking services and are unlikely to be greatly disrupted by these additional banking restrictions. The data collected by Portugal’s central bank may easily be used for other purposes as the links between the bank and the tax department are harmonious.
