Lack of updated information forces banks to block access to bank accounts. According to Público, older people and expats are among those most affected by this requirement from financial institutions.
Banks request updating of customer information, in particular through mobile phone applications, not allowing, for example, transactions until the information becomes available. For what CM If it is established that information such as employment status or even the name of the parish council in which you were born is involved.
In other cases, failure to provide information requested by a financial institution, perhaps even having to be done in person, can result in accounts being frozen, Deco reports. According to Público, difficulties with withdrawals or payments, for example, are particularly felt by older customers and expats.
This is a 2017 law that came into force in 2022 and was created to combat money laundering and terrorist financing.
To the question CMThe Bank of Portugal clarified that this renewal requirement is due to the application of the law degree and not a decision of the institution headed by Mario Centeno. However, it acknowledges that access may be limited in “situations in which the client refuses, by action or omission, to provide information” or where it is “completely impossible to contact the client for this purpose.”
Author: Raquel Oliveira
Source: CM Jornal
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