Banco de Portugal wants more rigor in opening online bank accounts

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Banco de Portugal issued a notice to Portuguese banks regarding the new conditions to be applied when opening bank accounts from October, reports Diário de Notícias today. These new rules also affect the opening of accounts on the Internet, since the opening of a non-personal account only takes effect after receipt and verification of the client’s documents.

According to the newspaper in view of the emergence of banking online and the possibility of opening a deposit account electronically, Banco de Portugal intended to reinforce the security requirements for opening in person. The identification elements must therefore be sent to the institution by registered mail, but movements cannot be made until the bank has all the required documentation in its possession.

Currently opening accounts online is available at Bigonline and Banco BEST, the two Internet banks operating in Portugal. Banco de Portugal confirmed to DN, however, that this warning does not mean that there were problems with this type of institution.

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