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.