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
Key developments of interest over the last month include: a new Bill containing detailed new information and account direct deduction obligations for banks and EMIs being introduced to the UK Parliament; the issuing of a...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
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
The EU Directive (EU) 2021/2167 (NPL Directive), published in the Official Journal of the EU on 8 December 2021 and regulating the sale, purchase and servicing of both consumer and commercial non-performing loans (NPLs)...more
On 25 May 2023, the FIU Regulation containing anomaly indicators to be used by obliged entities for suspicious transactions reporting was published in the Official Gazette....more
Law Decree implementing EU Regulation 2022/858, containing urgent provisions on issuance and circulation of financial instruments in digital form, was published in the Official Gazette on 17 March 2023. It provides for the...more
Italian secondary legislation about to be adapted to EU standards - On 15 July 2021, the Italian Council of Ministers approved, in preliminary examination, a legislative decree introducing rules to adapt national legislation...more
At our recent global conference we held in partnership with Global Digital Finance, our keynote speaker suggested that the three major drivers for financial institution regulators and policy makers for the next few years...more
On 1 July 2021, the Bank of Italy transposed into the Italian legal framework Article 106 of PSD2 regarding the obligation for payment service providers to inform consumers of their rights in the context of the provision of...more
The Italian Government repealed the tax, introduced in 2018, on money remittances outside EU executed through payment institutions....more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 current situation is fast-moving in light of the COVID-19 pandemic. Many financial supervisory and regulatory authorities as well as local governments have issued measures which are relevant for financial institutions and...more
6/10/2020
/ BaFin ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Investment Funds ,
IOSCO ,
Jurisdiction ,
Liquidity ,
Short Selling ,
Small and Medium-Sized Enterprises (SMEs) ,
Supervisory Guidance ,
Transparency
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
Please find below a brief summary of two Italian developments on PSD2. More specifically:
on 6 April 2020, the Italian Government approved a draft Legislative Decree introducing corrective and supplementary provisions to...more
Following the Ministry of Economy and Finance press release of 24 January 2019, last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit...more
3/21/2019
/ Deposit Guarantee System ,
Derivatives ,
Dispute Resolution ,
EU ,
Financial Institutions ,
Italy ,
IVASS ,
Loan Agreements ,
Member State ,
Notification Requirements ,
Prior Authorization ,
Regulatory Agenda ,
Temporary Permissions Regime (TPR) ,
Trading Platforms ,
UK ,
UK Brexit
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
On 11 April 2017, Steven Maijoor, the Chair of the European Securities and Markets Authority ("ESMA") addressed the potential regulatory issues which may affect EU Member States as a result of the Brexit effect on passporting...more
After one year from the last coordinated intervention of IVASS and the Bank of Italy in this sector aimed at better protecting policyholders/borrowers, IVASS issued a new letter to the market addressed to insurance...more