Regulatory Alerts2011-03-10
Provisions on Internal Organization, Procedures, and Controls to Prevent the Use of Intermediaries for Money Laundering and Terrorist Financing
The Bank of Italy issued this decree to implement EU directives and Italian legislation by establishing mandatory internal organization, procedures, and controls for financial intermediaries to prevent money laundering and terrorist financing. The regulation requires intermediaries to appoint a dedicated compliance officer, implement risk-based customer due diligence, maintain records, and report suspicious transactions to the Financial Intelligence Unit. It emphasizes the principle of proportionality, allowing firms to tailor their governance structures to their size and complexity while ensuring robust anti-money laundering safeguards.
Share