Italy Strengthens Anti-Money Laundering and Counter-Terrorism Financing Efforts
Rome, Italy - The Italian financial sector has made significant strides in combating money laundering and terrorism financing, with key authorities working together to strengthen their risk-based models and enforcement strategies.
Strengthened Risk-Based Models
Since 2015, Banca d’Italia has been using a dedicated Anti-Money Laundering (AML) / Counter-Terrorism Financing (CFT) risk-based model to inform its supervisory priorities over the banking sector. This model, developed in cooperation with the Italian Financial Intelligence Unit (UIF), provides residual ML/FT risk scores for supervised banks based on automated inherent risk scores and vulnerability assessments.
Enhanced Suspicious Transaction Reporting and Analysis
The UIF has been actively collecting suspicious transaction reports (STRs) and analyzing them using advanced techniques such as data mining and machine learning. This has enabled the authorities to generate sophisticated financial intelligence reports that help identify potential money laundering and terrorist financing schemes.
Effective Enforcement of Targeted Financial Sanctions
Italy’s enforcement of targeted financial sanctions against Russia and Belarus has also been a notable success story. The UIF, alongside other key authorities, has played a crucial role in disseminating information about sanctioned entities and facilitating compliance in the financial sector.
“We are committed to ensuring that Italy remains a leader in the fight against money laundering and terrorism financing,” said a senior official at the UIF. “Our close cooperation with other authorities and international partners is essential in this effort.”
Registers and Procedures for Preventing and Detecting Financial Crimes
The Italian authorities have also been praised for their effective use of registers and procedures to prevent and detect financial crimes. The Register of Financial Accounts held in Italy, managed by the Revenue Agency, is a key tool in this regard, providing valuable information for financial analysis and investigative purposes.
- The Public Business Register, which hosts data on beneficial owners, has been recognized as a model for other countries to follow.
Effective AML/CFT Efforts Recognized
Overall, Italy’s AML/CFT efforts have been recognized as among the most effective in Europe, with the country’s authorities working closely together to ensure that its financial sector remains a safe and secure place to do business.