Information on Procedures for updating identification elements under Law 83/2017 - Individuals

Under the duty of identification and due diligence, banking entities must, whenever they establish a business relationship (for example, opening an account), carry out a complete and proven identification of their customers, their representatives and beneficial owners, taking into account the specific risks involved.

Compliance with this duty does not end
at the moment the business relationship is opened, as far as the identification and other details of their customers, their representatives and beneficial owners are concerned, and banking entities are obliged to carry out updating procedures, with a view to ensuring that the information they have, or should have, is up to date, accurate and complete.

The updating of identification data and other information elements relates to customers (in the case of an account, all holders) and their respective representatives and beneficial owners.  

• Whenever there are changes to the data of the persons indicated in “Who is required to update their data?” in relation to the information provided at the beginning or during the course of the business relationship, within a maximum period of 60 days from that change.
• Periodically, when you receive communication from the Bank to this effect, based on the frequency defined in relation to the customer's profile, with the update period not being longer than 5 years. The bank will then send the Customer a periodic request to update their data using their preferred form of contact (email, digital correspondence, or, in the absence of these, by mail), expressly indicating which data/documents should be updated.Such communications will be sent 90 days and 45 days before the end of the validity of the update period, and SMS will also be sent before the end of that period and on the date of the end itself, reiterating the consequences of not updating. In addition, if the process of updating the data is not completed, the bank sends a new communication every year asking for it to be updated.

In order to deliver the information and/or documentation requested in the above communications (periodic updates), or at the customer's initiative (whenever there are changes to the identification elements), the customer only needs to deliver and/or confirm their data by the following means - e-mail to their Manager, via certified e-mail; via secure email, via conversation, available on your BBVA.pt homebanking; via recorded call (only to confirm your data and as long as they remain unchanged); through any BBVA Agency or via letter addressed to your Manager.

If the periodic procedure for updating clients and their related parties is not successfully completed in accordance with the legislation and regulations in force, the bank will apply the following measures, starting from the date on which the client(s)' identifying information is out of date:

- Inhibition of contracting new products or services.

- When renewing debit and/or credit cards, they will not be sent to the postal address, but to the customer's BBVA branch.

- After 60 days of being out of date, access to the BBVA.pt homebanking remote service and the BBVA Mobile app will only be allowed for queries.

Without prejudice to the above, failure to comply with the obligation to update identification data may be grounds for the possible termination of the business relationship.

To reverse these measures, the customer simply needs to provide and/or confirm their data, through the means mentioned above.