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Italy Turns Up the Heat on Money Laundering Detection with New Unit
In a bid to strengthen its anti-money laundering and counter-terrorist financing efforts, Italy has established a dedicated unit tasked with monitoring the country’s financial system for illicit activities. The Anti-Money Laundering Supervision and Regulation Unit is responsible for analyzing and intervening in cases related to money laundering and terrorist financing.
Responsibilities
The unit works closely with other competent authorities, including:
- Law enforcement agencies
- Financial institutions
to identify and prevent suspicious transactions. Its responsibilities include:
- Conducting on-site and off-site inspections
- Monitoring the results of these efforts
In addition to its operational duties, the unit is also responsible for:
Keeping Up-to-Date with Developments
- Coordinating with Parliament, the Government, other public administrations, and supervisory authorities to ensure that Italy’s anti-money laundering and counter-terrorist financing framework remains effective and compliant.
Key Tasks
One of the unit’s key tasks is:
- Issuing and updating secondary regulations related to AML/CFT
- Ensuring that financial institutions and other regulated entities are aware of their obligations and responsibilities
The unit also develops:
- Risk assessment methodologies
- Supervisory manuals to guide its work and ensure consistency across the sector.
Periodic Risk Assessments
Periodically, the unit conducts in-depth risk assessments of Italy’s banking and financial system to identify areas of vulnerability and develop targeted strategies for mitigation. With its expertise and resources, the Anti-Money Laundering Supervision and Regulation Unit is playing a crucial role in protecting Italy’s financial system from money laundering and terrorist financing threats.
Contact Information
For more information on the Anti-Money Laundering Supervision and Regulation Unit, please contact:
- SNA.Segreteria@bancaditalia.it
- sna@pec.bancaditalia.it (messages must be sent from certified email addresses)