Anti-money laundering

Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and the financing of terrorism (the so called Anti-Money Laundering Directive III) and Commission Directive 2006/70/EC, which sets out the implementation measures, were implemented by Legislative Decree 231/2007.
The purpose of Legislative Decree 231/2007 is that of protecting the financial system from being used for money laundering or the financing of terrorism, preventing such use through specific supervision and obligations on a large number of players – identified in Articles 10, sections 2, 11, 12 , 13 and 14 of the decree. Besides banks and financial intermediaries, these parties also include professionals, auditors and others.

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The obligations and sanctions

The decree requires the imposition of penalties aimed at preventing the realisation of criminal acts in relation to handling, money laundering, or use of illicit capital.
Article 52 of the Decree requires different internal control bodies, including the SB, to oversee compliance with legislation against money laundering and to report violations of the relevant situations they become aware of while carrying out their duties or which they are otherwise informed of. These disclosure obligations concerning possible infringements related to recording activities, reporting and limits to the use of payment and money transfer instruments (cash, bearer bonds, and anonymous savings accounts or accounts in fictitious names) are intended to be applicable both within entities (owners of businesses or legal representatives) and externally (the relevant supervisory authorities, the Ministry of Economy and Finance, Financial Intelligence Unit at the Bank of Italy).
In the event of non-compliance with these obligations, the penalty is imprisonment for up to 1 year and a fine of 100 to 1,000 Euros (Article 55(5)).
Legislative Decree 231/2007 defines obligated parties as including “… any other person who provides the services performed by technical experts, consultants and other persons who carry out professional activities concerning accounting and taxes“.

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Our approach
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The objectives of a project are the:
identification of internal roles

  • Person responsible for the identification process (adequate verification and recording)
  • Person responsible for suspect transactions
  • Person responsible for anti-money laundering
  • SB (responsibilities pursuant to Article 52 of Legislative Decree 231/ 07)
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assessment of the adequacy of existing practices to comply with current regulations

  • Identification of practices and procedures concerning:
    • adequate verification of customers
    • reporting of suspect transactions
    • restrictions on the use of cash and bearer bonds and other prohibitions
  • joint assessment of the effective implementation of the procedures
  • Gap Analysis
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definition of the necessary updates

  • definition of improvement activities and activities required to close the identified gaps
  • preparation of information flows for the SB (pursuant to Article 52 of Legislative Decree 231/07)
  • updating of the existing training material
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