Both banks and customers benefit from the use of digital channels to open accounts

4th July, 2017

Associação Portuguesa de Bancos (APB - Portuguese Banking Association) is pleased to announce that Banco de Portugal Notice 3/2017 and Instruction 9/2017 come into effect today. They will make it possible for customers to open bank accounts using only digital channels. 

This legislation puts an end to a competitive disadvantage that Portuguese banks have had in relation to the other European banks, where for a long time customers had been able to open an account without being physically present.

Furthermore, the possibility of opening an account without having to actually go to the bank is in line with bank customers’ new practices, as they are using online channels more and more and the customer-bank relationship is becoming increasingly remote.

The APB has stressed that this new form of relationship between banks and customers in no way compromises the efficacy and especially the security of the account-opening process. The banks' obligations to identify customers and to prevent money laundering and terrorism financing are still being fully met.