Financial Crime World

Italian Banking Group Strengthens Anti-Money Laundering Measures

Rome, Italy - A Move Towards Enhanced Compliance

The Intesa Sanpaolo Group has recently strengthened its anti-money laundering (AML) measures in response to amendments to Italian legislation and international regulations.

Implementing Measures to Prevent, Detect, and Report Suspicious Transactions

The group has implemented measures to prevent, detect, and report suspicious transactions as required by:

  • Legislative Decree no. 125/2019, which transposes the Fifth Anti-Money Laundering Directive into Italian law
  • Legislative Decrees no. 109/2007 and 195/2021, as well as subsequent amendments
  • Regulations on anomaly indicators for intermediaries
  • Instructions concerning objective notices
  • Provisions for sending aggregate anti-money laundering reports

Compliance with International Regulations

In addition to complying with Italian regulations, the group has also implemented measures to comply with US anti-money laundering regulations, including:

  • The Bank Secrecy Act
  • The USA PATRIOT Act
  • The Anti-Money Laundering Act of 2020

The common principles of the applicable legal framework include:

  • An assessment of money laundering and terrorist financing risks
  • Customer due diligence
  • Retention of data and documents
  • Constant monitoring of account transactions
  • Reporting of suspicious transactions
  • Adequate personnel training

Organizational Arrangements to Safeguard Against Money Laundering Risks

To meet these obligations, the Intesa Sanpaolo Group has:

  • Identified organizational functions, resources, and procedures that are consistent with and proportionate to its type of activity, dimensions, organizational complexity, and operating characteristics
  • Implemented organizational arrangements to safeguard against money laundering risks, including:
    • Mandatory involvement of corporate bodies
    • Appointment of a member of the management body responsible for AML
    • Adequate personnel training

Commitment to Ongoing Compliance

The Intesa Sanpaolo Group is committed to maintaining high standards of anti-money laundering compliance and is continually monitoring its systems and procedures to ensure ongoing compliance with all applicable regulations.