Name
Global FinTech Guide
Country _ Name
Portugal
SectionTitle
KYC requirements
Body
The know your customer or know your client (KYC) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.

Legal affairs

National regulatory framework regarding AML and effective date of the regulations

AML Law has been approved by Law 83/2017, dated 18 August 2017, last amended December 2021 regarding the virtual assets’ definition and in-scope entities. Further regulation has been issued by the relevant regulators.

National regulator or relevant authority for AML controls

Relevant competent authority will depend on the relevant entity. Financial entities are subject to the Bank of Portugal, CMVM or Insurance and Pension Funds Supervisory Authority (ASF) or Tax Authorities, and non-financial entities will be subject to the supervisory authority within the relevant sector.

Customer Due Diligence

Conduct of a typical KYC identification process

Typically, this is made physically through the presentation of ID document for natural persons, including photograph, complete name, signature, date of birth, nationality, issuer, tax payer number, among others, and the commercial registration certificate for legal persons – which should include legal name, corporate purpose, address and UBO information, among others.

Possibility to meet customer due diligence requirements by relying on third parties who are obliged by law themselves to comply with AML regulations

Yes, Portuguese AML Law sets forth the possibility of certain due diligence requirements and identification duty to be performed by a third party. Third parties are deemed obliged entities or other of equivalent nature that are headed abroad which apply identification, diligence and records which are subject to a supervision compatible with the national regime.

Possibility to outsource customer due diligence by contract to other third parties who are not obliged by law to meet AML regulations and rely on these (e.g., WebID, IDnow, PostIdent)

The current wording of the legislation does not appear to open room for outsourcing of diligence/identification duties to non-financial entities. The Bank of Portugal is expected to issue legislation on AML.

Presence of a license or registration requirement for the third party in case of outsourcing customer due diligence

Outsourcing is set forth for credit institutions and other equivalent entities.

Further questions

Entities that could be relied on specifically by law as a third party to comply with AML regulations (regardless of outsourcing)


Postal services entities; branches of credit institutions.
Yes credit institutions
No financial institutions
No auditors, external accountants, and tax advisors
No notaries and other independent legal professionals
No other trust or company service providers
No estate agents
No other persons trading high-value goods
No providers of gambling services


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