Banco de Portugal will launch new rules

in News · 24-11-2019 20:00:00 · 0 Comments

Banco de Portugal will soon launch a public consultation on new rules that will force banks to tighten internal control, Governor Carlos Costa said on 22 November.

The announcement was made by the central bank governor at the Money Conference in Lisbon, stating that this is a new regulation that will repeal the 2008 notice, adapting the rules in the light of new European legislation at a time when major banks are required to improve internal governance, risk management, data collection, reporting and internal audit.

According to the governor, banks that do not make improvements will have an effect on their capital requirements, that is, he said, "capital requirements reflect the shortcomings of governance."


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