Regulatory Alerts2019-07-30
Added · Updated
Provisions on Customer Due Diligence for the Prevention of Money Laundering and Terrorist Financing
The Bank of Italy issues provisions establishing the framework for customer due diligence to prevent money laundering and terrorist financing. The document applies to banks, securities intermediation companies, asset management companies, electronic money institutions, payment institutions, and other specified financial entities. It mandates a risk-based approach for assessing money laundering and terrorist financing risks, defining specific obligations for customer identification, beneficial owner verification, and ongoing monitoring. The text details simplified and enhanced due diligence measures, including specific procedures for remote operations, high-risk third countries, cross-border correspondent relationships, and politically exposed persons.