Banco de Portugal Notice No. 4/2024 was published today, establishing the obligation to identify the final beneficiary in transactions using payment references and direct debits.
In fact, as a result of the increasing complexity of payment service provision models, the Bank of Portugal has found that there are difficulties in clearly identifying the final beneficiaries of the funds, something that, in the supervisor's view, has increased the practice of fraud and swindling crimes through the use of these payment services, causing, in certain cases, significant financial damage to the originators of the transactions.
In this context, this Notice aims to respond to the needs identified by establishing, for payment service providers, the obligation to make available to payers, in payments using payment references and direct debits, the name or denomination of the final beneficiary of the funds and of the respective payment service provider, thus ensuring the proper functioning and security of payment systems and strengthening the transparency and trust of payers.
For more information, please consult the notice here.
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