Regulatory Alerts2020-02-27
Communications to Intermediaries Supervised by the Bank of Italy on the Importance of Money Laundering and Terrorist Financing Risks in Prudential Supervision
The Bank of Italy issued this communication to reinforce the institutional framework for supervising money laundering and terrorist financing risks within its prudential oversight of financial intermediaries. It details how information from anti-money laundering controls is integrated into key supervisory processes, including authorization procedures, fitness assessments, and the SREP framework, in alignment with EU directives and EBA opinions. The document emphasizes that while regulatory cooperation is strengthened, intermediaries remain fundamentally responsible for maintaining adequate organizational controls and ensuring the suitability of their management to mitigate these risks.
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