The Financial Intelligence Unit for Italy (“FIU”) issued a public consultation on new instructions for the detection and reporting of suspicious transactions (“Suspicious Transactions Regulation”), which will replace the FIU...more
Bank of Italy issued a public consultation proposing to extend the Regulation on customer due diligence and the Regulation on organization, procedures and internal controls to crypto-asset service providers (“CASPs”)....more
The Bank of Italy launched a public consultation regarding new AML reporting which would replace the AML questionnaire that has been sent out for the last two years. On 31 July 2024, the Bank of Italy launched a public...more
The new Regulation (EU) 2024/1624 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLR”) extended for the first time the scope of application of anti-money...more
On 15 June 2023, the Bank of Italy published on its website a series of acts aimed at reviewing the domestic AML rules to comply with EBA Guidelines on the use of remote customer onboarding solutions....more
As part of its 2020 Retail Payments Strategy, the European Commission has adopted a proposed Regulation to accelerate the rollout of instant credit transfers in euro. The proposal, which looks to support innovation and...more
The Italian Ministry of Economy and Finance issued the long-awaited decree regarding the Italian register of payment services agents, e-money distributors and central contact points for AML supervision....more
The long-awaited decree regarding the establishment and regulation of the beneficial owner register in Italy was published in the Italian Official Gazette. Following a public consultation, on 25 May 2022 the long-awaited...more
On 14 July 2021, IVASS published a new Regulation setting out rules on money laundering risk mitigation procedures and providing for amendments to IVASS Regulation No. 44/2019 regarding rules on internal organization,...more
The Counsel of State suspended the adoption of its opinion on the draft decree of the Ministry of Economy and Finance setting up and governing the functioning of the Italian register of ultimate beneficial owners causing a...more
Italian news on on-line KYC for AML purposes, including the possibility to rely on SCA when certain conditions are met, have been confirmed.
On 14 September, Law Decree No. 76/2020 regarding urgent measures for...more
The Italian Government recently issued a Law Decree which, among other things, modified on-line KYC for AML purposes, including the reliance on SCA when certain conditions are met. ...more
On 16 April 2020 the Italian Financial Intelligence Unit (FIU) published a communication stressing the need for intermediaries, professionals, other qualified entities and public administrations to calibrate AML measures in...more
4/21/2020
/ Anti-Money Laundering ,
Coronavirus/COVID-19 ,
Electronic Payment Transactions ,
Financial Crimes ,
Financial Institutions ,
Financial Intelligence Unit (FIU) ,
Information Technology ,
Italy ,
Liquidity ,
Money Laundering ,
Reporting Requirements ,
Scams
On the basis of the measures recently adopted by the Italian Government to face the current COVID-19 emergency, on 10 April 2020, the Bank of Italy issued its recommendations to financial intermediaries on (i) anti-money...more
As we painfully inch forward toward what may be the Brexit finish line, national regulators are firing shots across the bow of UK financial institutions carrying out activities in Continental Europe. ...more