Shops must report sales of over €15,000

Under new money-laundering rules, shops in Portugal must report sales of over €15,000 to the Portuguese authorities.

A detailed customer file must now be sent by store owners/managers to the ASAE (Portuguese Economic and Food Safety Authority) for purchases over €15,000.

The law on money laundering was passed in 2017 but only came into force this month. For sales over €15,000 the customer is now obliged to fill out form, regardless of the payment method, a document which the retail outlet must retain for seven years. 

Up until now, such controls were only required in cash payments of over €15,000. In cases where the customer is a company, the retail outlet must ascertain who is the actual beneficiary behind the company.

Retail outlets must also now practise an internal money-laundering policy including staff training, as well as a secure data base which meets data protection laws. 

Luís Lopes, trader and President of Anusa (National Traders Association) slammed the measure calling it a “doubling up of bureaucratic processes that would inhibit trade” at least in retail trade.

Pedro Portugal Gaspar, the Inspector-General of the ASAE said the measure was “progressive”  with “a lot of information and guidelines” and that the supervision would be undertaken in “a balanced, measured and common sense” way.