Financial Crime World

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Anti-Money Laundering Regulations 2023 in Italy: Key Developments

In recent months, Italy has seen several significant developments in its anti-money laundering (AML) regulations. The Bank of Italy, Consob, and IVASS have all published guidelines and regulations aimed at strengthening the country’s AML framework.

Bank of Italy Publishes Guidance on AML Requirements for Private Banking Activities

  • On August 3, 2023, the Bank of Italy published guidance on AML requirements applicable to private banking activities.
  • The guidance emphasizes the importance of establishing due diligence procedures tailored to the characteristics of private services and retail customers.

Bank of Italy Issues Guidance for Specialized Crowdfunding Service Providers

  • Just days earlier, on August 2, 2023, the Bank of Italy published guidance for specialized crowdfunding service providers for businesses.
  • The guidance outlines how these service providers must comply with Regulation (EU) 2020/1503 and its implementing Italian regulation.

Consob Publishes Guidelines on Simplification of Prospectuses

  • On July 26, 2023, Consob published new guidelines from the Committee of Market Operators and Investors (COMI) on best market practices for prospectus drafting.
  • The guidelines aim to simplify the process while ensuring compliance with Regulation (EU) 2017/1129.

IVASS Launches Consultation on Digitalized Transmission of Personal and Corporate Information

  • In June, IVASS launched a public consultation on its regulation governing digitalized transmission of personal and corporate data.
  • The move aims to streamline the transmission process while ensuring data protection.

Italian Government Publishes IVASS Provision on Technical Provisions

  • The Italian Government published IVASS Regulation no. 132, amending and supplementing IVASS Regulation no. 18, which concerns the implementation rules for technical provisions (riserve tecniche).
  • The regulation came into effect on June 21, 2023.

Bank of Italy and Consob Sign Memorandum of Understanding on Crowdfunding

  • On June 19, 2023, the Bank of Italy and Consob signed a memorandum of understanding on crowdfunding.
  • The agreement aims to define areas of cooperation between the two supervisory authorities in accordance with the Crowdfunding Regulation.

IVASS Launches Consultation on AML Internal Organization, Procedures, Controls, and Customer Due Diligence

  • In June, IVASS launched a public consultation on its regulation governing AML internal organization, procedures, controls, and customer due diligence.
  • The move aims to ensure full compliance with EBA Guidelines and the EU’s 5th Anti-Money Laundering Directive.

Consob Publishes Notice on MiFID II Remuneration Requirements

  • On June 5, 2023, Consob published a notice declaring its willingness to comply with ESMA guidelines on MiFID II remuneration requirements.
  • The move aims to provide guidance on remuneration policies and practices for intermediaries under the MiFID II regulatory framework.

Bank of Italy Publishes Provisions on Outsourcing of Corporate Functions

  • On June 1, 2023, the Bank of Italy published provisions regulating the reporting of outsourcing of corporate functions by supervised intermediaries.
  • The move aims to collect information on outsourcing contracts and relevant suppliers.

Consob Publishes Regulation on Crowdfunding Services

  • Also on June 1, 2023, Consob published a regulation on crowdfunding services implementing Regulation (EU) 2020/1503 and relevant provisions of the Italian Financial Act.

Italian Government Publishes FIU Provision on AML Anomaly Indicators

  • Finally, on May 25, 2023, the Italian Government published a Financial Intelligence Unit (FIU) provision providing for anomaly indicators developed to facilitate the identification of suspicious transactions.