Regulatory Alerts2009-11-10
Operational Guidelines for Enhanced Controls Against Financing of Weapons of Mass Destruction Proliferation Programs
The Bank of Italy issued operational guidelines requiring financial intermediaries to implement enhanced due diligence and monitoring measures to prevent the financing of weapons of mass destruction proliferation programs. The document mandates risk-based assessments, strict screening against sanctions lists, and immediate reporting of suspicious transactions and frozen assets to the Financial Intelligence Unit. It further provides specific anomaly indicators to help intermediaries identify high-risk counterparties and transactions associated with proliferation activities in Iran and North Korea.
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