Name
Global FinTech Guide
Country Name
Portugal
SectionTitle
Identification
Body
FinTechs belonging to this category provide identification services, which are required for most banking services.

Introduction

Attitude of the country towards identification services

The Bank of Portugal actively promoted digital onboarding in 2017, issuing the Instruction 9/2017 aimed to allow video conferences for the purposes of identification. The first virtual onboarding process taking place in Portugal resulted from a cooperation agreement between Banco de Investimento Global and the FinTech LOQR. 

The FinTechs LOQR and hAPI partnered with other incumbents to provide identification and onboarding servers.

Legal affairs

Obligations and requirements to provide identification services

The identification services are mainly subject to the KYC requirements provided for in the AML legislation (see below) and the regime applicable to electronic contracts and digital signature (see below). 

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area

N/A.

Economic conditions

Market size for identification services and biggest companies in this business area

No public data available.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area

N/A.
 

Authors

Disclaimer

© 2022, Abreu Advogados. All rights reserved by Abreu Advogados as author and the owner of the copyright in this chapter. Abreu Advogados has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

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