Italian AML news

Bank of Italy communication on 4AMLD secondary implementing rules

Following the implementation of 4AMLD at a primary level of legislation and pending the issuance of the new Bank of Italy secondary rules, on 9 February 2018, the Bank of Italy published a communication (the "Communication") aimed at clarifying how AML obligations are to be complied with during the transitory period.

The Communication also indicates to what extent the Bank of Italy secondary measures issued under the previous AML legal framework – which remain in force until 31 March 2018 – are to be deemed consistent with the new legal framework.

The Communication was silent as to the date of issuance of the new rules.

Click here to download the Communication (available in Italian only).


Procedures on identification of PEPs

On 31 January 2018, the Bank of Italy published a communication setting out specific procedures and good practices for the identification of politically exposed persons ("PEPs") aimed at addressing some critical aspects detected by the Bank of Italy during inspections.

Good practices include, among other things, the adoption of adequate risk management policies, the use of appropriate sources for collecting information, the application of enhanced customer due diligence measures and the implementation of specific internal control procedures.

Click here to download the procedures on PEP identification (available in Italian only).

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