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Beneficiary VASPs implement effective risk-based procedures, under the terms of the Law and this Notice, to determine when they execute, reject or suspend a transfer of virtual assets that is not accompanied
by the complete information required about the originator and beneficiary and to take appropriate follow-up measures.
When applying the risk-based procedures referred to in the previous number, the entities carrying out activities with virtual assets take into account the procedures adopted in compliance with the provisions
of article 28 of the Law and article 27 of this present Notice.
If they are aware, at the time of receiving transfers of virtual assets, that the information on the originator or beneficiary referred to in subparagraphs a) and b) of the section "Scope of the PII" is
missing or incomplete, the beneficiary VASPs, depending on the concretely identified risk and without undue delay:
a) Reject the transfer or return the transferred virtual assets to the distributed registration address; or
b) Request the originating VASP or entity of an equivalent nature for the required missing information about the originator or beneficiary before making the virtual assets available to the beneficiary.
The VASPs consider the omission or incompleteness of the required information about the originator or beneficiary as a factor to be taken into account:
a) For the application of enhanced identification and due diligence measures to the business relationship, occasional transaction or operation, under the terms of the Law and the Notice;
b) Within the framework of the examination duty provided for in article 52 of the Law and in article 46 of the Notice, in order to assess the potentially suspicious nature of the transfer of virtual assets,
or any related transaction, for the purpose of complying with the duty of communication foreseen in articles 43 and 44 of the Law.
Whenever, they identify originating VASPs or entities of an equivalent nature that repeatedly do not provide, or provide incompletely, the required information about the originator or the beneficiary, the
beneficiary VASPs adopt appropriate measures for the deficiencies detected.
The following are examples of measures to be adopted by beneficiary VASPs:
a) In an initial phase, setting an additional deadline for providing the required information on the originator or beneficiary or issuing a notice indicating the measures that will be adopted if the
originating VASP or a equivalent nature continues to not provide the requested information;
b) Rejection of any future transfers of virtual assets from or to the originating VASP or entity of an equivalent nature;
c) Restriction or termination of the business relationship with the originating VASP or entity of an equivalent nature, in cases where the risk associated with it cannot be managed through other means or
procedures, including through the application of measures due diligence identification measures provided for in article 42 of the Notice.
Beneficiary VASPs communicate to Banco de Portugal, through the channels referred to in article 51 of the Notice and within a maximum period of three months:
a) Identification of the entity carrying out activities with virtual assets or an entity of an equivalent nature that repeatedly fails to provide, or provides incompletely, the required information on the
payer or beneficiary, indicating, among other elements, the country where is authorized or registered;
b) The nature of the omission or incompleteness, including:
i) The frequency of transfers of virtual assets with missing or incomplete information;
ii) The period of time in which the omissions or incompleteness occurred;
iii) Any reasons invoked by the entity carrying out activities with virtual assets or entity of an equivalent nature to justify the repeated omission or incompleteness of the required information.
c) A description of the measures adopted under the previous number.
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