The Italian Ministry of Economy and Finance has responsibility for policies covering AML and countering the financing of terrorism. It conducts investigations and exercises sanctioning powers.
The supervisory authorities of the various sectors in Italy are as follows:
The above mentioned sectoral supervisory authorities (Bank of Italy, CONSOB and IVASS) oversees the issuance of regulations in the respective areas of jurisdiction on matters such as customer due diligence (CDD), data recording, organisation procedures and internal checks. They also check compliance with the obligations laid down by the law on the part of supervised entities, and exercise powers of sanction.
The Unita’ di Informazione Finanziaria is the Italian government’s Financial Intelligence Unit (FIU) responsible for analysing information reported by financial institutions and businesses.
The Bank Secrecy Act and the USA Patriot Act are the two main AML Regulations.
The professional activities that are subject to AML requirements are: chartered accountants and accounting experts, labour consultants, any other entity that renders the services provided by appraisers, consultants and others who perform in a professional manner, activities in accounting and tax matters. Notaries, lawyers, statutory auditors, audit firms and non-financial operators (i.e., subjects that trade antiques or works of art and gambling service providers).
As a financial institution, the Bank of Italy requires you to do the following:
Adopt AML policies, procedures and internal controls aimed at preventing the involvement of intermediaries for the purposes of money laundering and terrorist financing
Keep records of transactions that amount to 5,000 or more Euros for a period of 10 years. The information that you need to record must include the date, reason for the transaction, the amount and currency
The following obligations apply to you as a financial institution:
Reporting suspicious transactions to the FIU
Filing a monthly report with the FIU containing aggregated information concerning transactions for an amount equal to or above 5,000 Euros Filing a monthly report of transactions with the FIU of cash transactions from a single operator that exceeds the threshold of 10,000 Euros in that month, even if split into multiple transactions equal to or more than 1,000 Euros.
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Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.