Passive NOx adsorption (PNA) is a method, in which NOx can be stored at low temperatures and released at higher temperatures where the urea decomposition is functional during selective catalytic reduction (i.e., above 180–200 °C). We have studied the promotion of Pd/BEA with La as a PNA in the presence of high CO concentration. Both the reference and promoted samples exhibited a significant loss of NOx adsorption/desorption capacity after multiple cycles using 4000 ppm CO. However, already after 5 cycles, 99% of the NOx released between 200 and 400 °C was lost for Pd/BEA, compared to only 64% for Pd-La/BEA, which thereafter was stable. XPS and O2-TPD clearly showed that the Pd species were influenced by La. The PNA deactivation in the presence of CO could be related to Pd reduction followed by migration and the formation of more PdOx clusters, as observed by O2-TPD analysis. Interestingly, significantly more PdOx clusters formed on Pd/BEA after 10 cycles compared to Pd-La/BEA.