Banco de Portugal once again warned of an entity that is not authorized to carry out financial activities in Portugal. In question is Genuíno Crédito, which appears associated with the website www.genuipt.com and that, according to the same bank, it cannot receive deposits or grant credit in the country.
This notice was released by Banco de Portugal on May 11 of this year. The entity explains that , which claims to have its headquarters at Av. 25 de Abril, n.º 722 2750-512, Cascais, is not authorized to carry out activities reserved for institutions subject to its supervision, including receiving deposits, granting credit or any other regulated financial activity.
On the website itself, the entity claims to be registered with the Bank of Portugal with number 0006960, but this official registration corresponds to Example Genuíno – Intermediários de Crédito Unipessoal Lda (also associated with the address described above), not necessarily the entity/site genuipt.com.
Reserved activities require authorization
According to the General Regime of Credit Institutions and Financial Companies, the receipt of deposits and the granting of credit can only be carried out by entities legally authorized for this purpose.
In practice, this means that not all platforms that present themselves as banks, financial entities or credit intermediaries can legally operate in Portugal. Before handing over money, requesting financing or providing personal data, consumers must confirm whether the entity is on the official lists.
Role of the Bank of Portugal
Banco de Portugal is the authority responsible for supervising several entities in the national financial sector. Among other functions, it monitors banks, credit institutions, financial companies and credit intermediaries, ensuring that only authorized entities can carry out reserved activities.
These public notices serve to alert consumers and reduce the risk of scams, financial loss or misuse of personal data. When an entity is not qualified, customers may be left without the protection associated with the supervised financial system.
The supervisor also remembers that the list of entities authorized to receive deposits and grant credit can be consulted in its website. Before contracting any financial product, especially over the internet, it is advisable to always check whether the company is duly registered and authorized.
Also read:
