Italy

Topic: Money laundering

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Wolfsberg Group FAQs on negative news screening

On 11 May 2022, the Wolfsberg Group published FAQs on how undertaking screening for negative news and other forms of adverse information can enhance a financial institution’s awareness of potential financial-crime risk posed by both existing and prospective customers. The Wolfsberg Group recognises that there is no universally agreed and accepted definition of negative news. … Continue Reading

Report on the state of effectiveness and compliance with the FATF standards

On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant … Continue Reading

EBA revised guidelines on risk-based supervision – official EU translations published

On 4 April 2022, the European Banking Authority made available the translations of the revised guidelines on risk-based supervision. These revised guidelines set out the steps supervisors should take to ensure adequate anti-money laundering / countering the financing of terrorism oversight of their sector and support the adoption, by credit and financial institutions, of effective … Continue Reading

ECON and LIBE adopt position on draft Regulation on information accompanying transfers of funds and certain cryptoassets

On 31 March 2022, the European Parliament announced that the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) had adopted their position on the proposed Regulation on information accompanying transfers of funds and certain cryptoassets. The draft Regulation is part of the European Commission’s new anti-money laundering package and … Continue Reading

Wolfsberg group guidance on digital customer lifecycle risk management

On 29 March 2022, the Wolfsberg Group published its guidance on digital customer lifecycle risk management. This guidance explores how non face-to-face customer interaction could be considered a standard, or even lower risk channel for a financial institution, by further developing three core anti-money laundering / countering the financing of terrorism controls: More effective identification, … Continue Reading

European Parliament publishes draft report on AML Regulation proposal

Introduction On 15 March 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) Committees published a draft joint report on the European Commission’s (Commission) proposal for a Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing … Continue Reading

EBA letter on AML/CFT legislative package and issues related to supervisory cooperation and selection criteria for direct supervision

On 24 March 2022, there was published a letter from the European Banking Authority (EBA) to John Berrigan (Director General, Directorate-General for Financial Stability, Financial Services and Capital Markets Union) and others regarding the European Commission’s anti-money laundering / countering the financing of terrorism (AML/CFT) package and issues related to supervisory cooperation and selection criteria … Continue Reading

AML/CFT supervision is improving but not always effective yet, finds the EBA

On 22 March 2022, the European Banking Authority (EBA) published the findings from its assessment of Member State competent authorities’ (NCAs) approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision, but the EBA has found that significant challenges remain in key areas such as the identification and assessment of money laundering (ML) … Continue Reading

FATF public statement on revisions to Recommendation 24

On 7 March 2022, the Financial Action Task Force (FATF) issued a public statement regarding amendments it had adopted to Recommendation 24 and its Interpretative Notes on 4 March 2022. The Recommendation requires countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate … Continue Reading

Crypto-related services: a recent Italian initiative

New measures regarding crypto-related services providers have now been passed. Following a lengthy consultation process that began in 2018, the decree of the Ministry of Economy and Finance that was approved on 13 January 2022 (the “Decree”) has been published on the Official Journal on 17 February 2022 and entered into force the next day. … Continue Reading

Published in OJ – new Delegated Regulation on the list of high risk countries under 4MLD

On 21 February 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/229 of 7 January 2022 which amends the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies set out in Delegated Regulation (EU) 2016/1675. Delegated Regulation 2016/1675 is provided for … Continue Reading

ECB opinion on a proposal for a regulation establishing the AMLAR

On 17 February 2022, the Council of the European Union (Council) published the European Central Bank’s (ECB) opinion on the European Commission’s proposed regulation establishing an EU authority for anti-money laundering and countering the financing of terrorism (AMLAR). In its opinion the ECB sets out both general and specific observations on the AMLAR. These include … Continue Reading

Research shows huge increase in use of DeFi protocols for money laundering

Blockchain analytics firm Chainalysis have recently published the results of research showing that there has been a huge increase in the use of decentralised finance (DeFi) protocols to launder money over the last year. DeFi is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies. In 2021, there was … Continue Reading

EBA launches ‘EuReCA’

On 31 January 2022, the European Banking Authority (EBA) launched ‘EuReCA’, its central database for anti-money laundering (AML) and counter-terrorist financing (CFT). EuReCA will contain information on material weaknesses in individual financial institutions in the EU that Member State competent authorities have identified. Competent authorities will also be reporting the measures they have imposed on … Continue Reading

Fraud-related investigations and their impact on financial institutions

Since the pandemic began in March 2020, there has been a rise in fraudulent behaviour as fraudsters look to take advantage of members of the public and financial institutions (FIs). Phishing, text scams and small-scale fraudulent activity targeting the British public were up 285% in the first half of 2021; HM Revenue and Customs estimates … Continue Reading

Financial Institutions – Regulatory outlook for 2022

As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading

EBA final guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and FIUs

On 16 December 2021, the European Banking Authority published final guidelines setting out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units (FIUs) should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive IV (CRD IV). The … Continue Reading

EBA guidelines on the characteristics of a risk‐based approach to AML FT supervision

On 16 December 2021, the European Banking Authority (EBA) published updated guidelines on risk-based supervision of credit and financial institutions’ compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) obligations. The guidelines set out the steps supervisors should take to ensure adequate AML/CFT oversight of their sector and support the adoption, by credit … Continue Reading

A draft framework for money laundering/terrorist financing risk assessment of a remittance

On 13 December 2021, the International Monetary Fund (IMF) and the World Bank published a report setting out a draft framework and methodology for risk assessment in remittance corridors having the potential of being identified as “safe remittance corridors”. At its October 2020 Finance Ministers and Central Bank Governors meeting, the G20 endorsed the Roadmap … Continue Reading

EBA consults on draft guidelines on the use of remote customer onboarding solutions

On 10 December 2021, the European Banking Authority (EBA) launched a public consultation on draft guidelines on the use of remote customer onboarding solutions. The draft guidelines have been developed in response to the European Commission’s request in the context of its Digital Finance Strategy, published in 2020. They are also in line with the … Continue Reading

Anti-money laundering: Council of the EU agrees its negotiating mandate on transparency of crypto-asset transfers

On 1 December 2021, the Council of the European Union, agreed on a mandate to negotiate with the European Parliament on the proposed Regulation on information accompanying transfers of funds and certain crypto-assets. This proposal is part of a package of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing rules, presented … Continue Reading

FATF update guidance on risk-based approaches for virtual assets and virtual asset service providers

On 28 October 2021, the Financial Action Task Force (FATF) published updated guidance for a risk-based approach for virtual assets (VA) and virtual asset service providers (VASP). This guidance mentions how the FATF plans to closely monitor the VA and VASP sector for any material changes that necessitate further clarification of the FATF standards. This … Continue Reading

AFME publish responses made to HMT call for evidence on AML/CTF supervisory regime and on amendments to AML legislation

On 26 October 2021, the Association for Financial Markets in Europe (AFME) published two Consultation Responses (CR) in response to two publications that the HM Treasury released. The AFME is the European member of the Global Financial Markets Association (GFMA) a global alliance with the Securities Industry and Financial Markets Association (SIFMA) in the US, … Continue Reading

AFME report – AML transaction monitoring in the markets sector

On 20 October 2021, the Association for Financial Markets in Europe (AFME) published a paper, Anti-Money Laundering Transaction Monitoring in the Markets Sector. Firms have already established Anti-Financial Crime programmes designed to detect suspicion of money laundering, supported by anti-money laundering (AML) transaction monitoring (TM). This has been a regulatory requirement for financial services firms across Europe … Continue Reading
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