Banks, financial institutions and operators, professionals such as accountants, auditors, lawyers and notaries, certain non-financial operators, gambling services providers.
3. Who are the local regulatory authorities in Italy, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Ministry of Treasury (“Ministero dell’Economia e delle Finanze”), Ministry of Economic and Financial Affairs, Ministry of Economic Development.
4. What is the status of Italy's FATF?
Italy is the member of FATF since 1990. Italy is also member of Observer to the Eurasian Group (EAG).
5. Which global regulations Italy have to comply with?
Italy is a member state of the EU and implements EU sanctions.
6. What are the AML obligations of the businesses in Italy?
According to the provisions issued by the Bank of Italy and directed to those entities subject to anti-money laundering obligations, financial institutions and operators shall apply risk-based policies in order to define the degree and extension of client verification such as “know your customer” checks and to implement appropriate procedures and policies.
7. What are the local AML laws and regulations in I?
LLegislative Decree No. 109/2007, Law 197/31, Legislative Decree no. 231/2007, article 648 bis of the Italian Criminal Code.
8. What are the contact details of the relevant regulators in Italy?
The Committee for Financial Security
Ministry of Economic and Financial Affairs, Ufficio Relazioni con il Pubblico del Ministero dell’Economia e delle Finanze.
T: (+39) 06 476 13722
9. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Decree 109/2007 sets administrative fines for the violation of the restrictive measures adopted against the financing of terrorism and the countries threatening international peace and security.
10. What can obliged institutions do to prevent money laundering and to comply with AML regulations?
In Italy, incumbent entities need to have a good understanding of the regulations and also follow these frequently changing regulations. They should implement measures such as Know Your Customer, Customer Due Diligence, Transaction Screening, and Transaction Monitoring. With its AML solutions, Sanction Scanner can provide services to all organizations in Italy in accordance with their obligations. Companies operating under AML obligation in Italy can quickly and easily meet their AML needs with Sanction Scanner solutions. For more detailed information, you can talk to us or request a demo.