Italy’s AML/CTF supervisors
The rules pertaining to anti-money laundering and counter terrorism financing are under the control of the Italian Ministry of Economy and Finance. It carries out investigations and uses its authority to impose sanctions.
The following are the Italian regulatory bodies that oversee the various industries.
In their respective spheres of authority, the sectoral supervisory bodies (Bank of Italy, CONSOB, and IVASS) supervise the issuance of regulations on issues including customer due diligence (CDD), data recording, organisational procedures, and internal inspections. Additionally, they have the authority to impose sanctions and monitor how well supervised firms are abiding by the legal requirements.
The Unita' di Informazione Finanziaria is the Financial Intelligence Unit (FIU) of the Italian government, which oversees analysing data submitted by businesses and financial organisations.
How do you comply with AML/CTF regulations in Italy?
Chartered accountants and accounting experts, labour consultants, and any other organisation that offers the services of appraisers, consultants, and other individuals who perform in a professional manner, activities in accounting and tax matters are among the professions that are subject to AML requirements. statutory auditors, attorneys, auditing firms, and non-financial operators (i.e., subjects that trade antiques or works of art and gambling service providers).
The Bank of Italy needs you to perform the following as a financial institution.
Adopt AML guidelines, protocols, and internal checks to stop intermediaries from being used in money laundering and terrorism financing.
5,000 Euros or more in transactions must be documented for a minimum of 10 years. The details you need to keep track of are the date, the reason for the transaction, the sum, and the currency.
What are my AML/CTF reporting obligations?
It is your responsibility to report suspicious transactions to the FIU. The FIU must receive a monthly report of transactions from a single operator that exceeds the threshold of 10,000 euros in that month, even if it is broken up into multiple transactions totalling at least 1,000 euros. This report must also include aggregated information about transactions with a value of at least 5,000 euros.
