Act 2017
Lei n.º 3/2017 (Law 3/2017, amending Law 2/2006 on money laundering and Law 3/2006 on terrorism)
Plain-English summary
Amends Law 2/2006 (Arts. 3, 4, 6, 7, 8, 9) and Law 3/2006 on terrorism. It adds Article 5-A (banks to report account movements within 24 hours under judicial control), Article 5-B (confidentiality) and Articles 7-A to 7-E, among them Article 7-B: failing the duties in Articles 5-A, 5-B and 7 is an administrative offence with fines of MOP 10,000 to 500,000 for individuals and MOP 100,000 to 5,000,000 for legal persons. Republishes both amended laws as annexes. Published in Boletim Oficial No. 21 of 22 May 2017 and in force the day after publication (Art. 9).
Who it applies to
Banking · Insurance · Capital Markets · Real Estate · Gaming & Gambling · DNFBPs (Lawyers, Accountants, Dealers)
Topics
AML / CFT / Sanctions
Latest news
-
US sanctions bill targets Russian energy sector under Graham legislation
3 Oct 2026
Proposed United States legislation aims to impose sanctions targeting Russia's energy infrastructure and related financial flows. Named in honor of the late Senator Lindsey Graham, who was a prominent Ukraine aid…
-
AUSTRAC Examines Western Union AML Controls and Transaction Monitoring
26 Sep 2026
Australia's financial intelligence unit has initiated a formal investigation into Western Union's anti-money laundering framework and compliance infrastructure. The regulatory examination focuses on the company's…
-
RBI penalizes Ola Financial Services for KYC compliance failures
25 Sep 2026
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…