Public Consultation No. 2/2025: Draft Regulation amending CMVM Regulation No. 2/2020, of 17 March on the prevention of anti-money laundering and countering the financing of terrorism
On March 4th, 2025, CMVM released a public consultation on the draft regulation amending CMVM Regulation No. 2/2020, of March 17th, on the prevention of money laundering and terrorist financing (AML/CFT).
Specifically, it is proposed to amend Articles 2 and 18 and Annex I of the aforementioned Regulation. Among the main changes proposed, the following stand out:
i. the partial application of the AML/CFT report to providers of financing or loan-based crowdfunding services, referring to management entities of crowdfunding platforms, within the meaning of Article 5(b)(i) of the AML/CFT;
ii. the extension of the information to be reported, under the terms of Annex I of Regulation No. 2/2020, by entities currently already covered by the AML/CFT reporting duty, namely on counterparties, allowing for a more in-depth knowledge of their risk characteristics, and on transfers received/carried out to/from high-risk jurisdictions;
iii. the extension of the reporting deadline to 31 March of the year following the year to which the information relates; and
iv. the change of the file format, from “.dat” to “.xml”, for the purposes of the reporting provided for in Annex I.
These amendments aim to strengthen national supervision, as well as to allow for better cooperation and exchange of information for AML/CFT purposes, also obviating the need for one-off and unanticipated requests for information.
The CMVM bases this review on the experience accumulated over the last five years of application of the Regulation and states that it seeks to only introduce changes that are considered essential to strengthen the effectiveness of risk-based supervision. At the same time, it is intended to provide supervised entities with a more in-depth and systematic knowledge of their own risks. In this way, this amendment aims to maintain a balance between the need to expand the information available and compliance with the principle of proportionality in the reporting requirement by obliged entities.
The consultation runs until 21 May 2025. Comments and suggestions should be sent in writing to consultapublica2_2025@cmvm.pt, or Rua Laura Alves, n.º 4, 1050-138 Lisbon.
