On 28 June 2023, the Council of Europe Economic Crime and Cooperation Division (ECCD) has organised a practical workshop for Banco de Portugal (BdP) representatives on developing and updating Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) risk-assessment model for risk-rating and prioritising obliged entities under their supervision. 

The event was organised as part of the ECCD’s efforts aimed at supporting the BdP in further enhancing their capacity as AML/CFT supervisory authority to implement risk-based approach to supervision, and most notably aiming to further strengthen their current risk-assessment model in light of the amendments proposed in the course of the Project. 

The workshop was launched by a presentation delivered by the Council of Europe expert on different examples and good practices for developing AML/CFT risk-assessment model, including lessons learnt from other jurisdictions. Provided overview has set the grounds for further discussion and brainstorming regarding the specific updates of the risk assessment model to be designed for the BdP. Theoretical part was followed by practical sessions which allowed the BdP representatives to go through its revised annual questionnaire and identify specific risk drivers for particular inherent risk factors. The brainstorming also allowed participants to discuss and to draft potential formulas for assessing risks in light of proposed risk-factor weightings designed earlier in the project.

The Council of Europe will continue supporting the BdP representatives within this process by providing an expert review of the draft risk-assessment model that will be developed by the BdP as a follow-up to this Workshop, as well as by providing advice as regards its further improvement and finalisation.

The event was organised within the framework of the Technical Support Instrument (TSI) initiative on “Developing a risk-based methodology for an automatic anti-money laundering/counter terrorist financing risk categorisation for supervised entities in Portugal”, funded by the European Union and the Council of Europe, and implemented by the Council of Europe.