Regulatory Alerts2018-02-09
Communications - Communication of the Bank of Italy on anti-money laundering obligations for banking and financial intermediaries
The Bank of Italy issues guidance for banking and financial intermediaries on complying with anti-money laundering obligations under Legislative Decree 231/2007 as amended by Decree 90/2017. The document clarifies that during the transitional period ending March 31, 2018, new legislative provisions prevail over previous implementing measures, requiring intermediaries to apply enhanced due diligence rules directly from the law. It specifies that while some older organizational measures remain applicable, parts concerning simplified due diligence and domestic politically exposed persons are incompatible with the new framework and must be disregarded.
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