Portugal Introduces Obligatory Reporting of Bank Accounts

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Portugal has formally ordered Law No. 17/2019, which will mandate all banks and lenders in the country to report monetary records for all residents that have bank balances containing EUR €50,000 or above by July 31st each financial year. In order to give Portuguese lenders, the necessary time to prepare some transitional deadlines allow for the following:

60 days for reporting of accounts (that existed before February 15th 2019).
90 days for newly opened accounts.