New rules on organizational culture and governance and internal control systems – Notice No. 2/2025 of the Bank of Portugal

The deadline for entities subject to the supervision of the Bank of Portugal to comply with the new obligations introduced by Notice No. 2/2025 regarding organizational culture and governance and internal control systems ends on 21 September.

The main changes introduced by this amendment to Notice 3/2020 focus on:

• the outsourcing of operational tasks of control functions;
• the risk management function;
• the training of governing bodies;
• transactions with related parties;
• policies for the selection and appointment of statutory auditors; and
• the self-assessment report on the adequacy and effectiveness of the organizational culture and governance and internal control systems.

Click here to access Notice No. 2/2025.

For more information, please contact us via email at rvr@ccsllegal.com

[Photo by: Christian Wiediger, available at unsplash.com]