Suspicious transactions reporting and objective communications: elimination of data on deposit and withdrawal of cash and credit instruments (Soppressione delle causali U3, U4 e G5 per le segnalazioni di operazioni sospette e per le comunicazioni oggettive).
On 20 October 2021, the Financial Intelligence Unit (Unità d’Informazione Finanziaria per l’Italia presso la Banca d’Italia) (UIF) communicated that as of January 2022 the following data will no longer be accepted by the systems used to make the suspicious transactions reporting and the objective communications:
- G5 credit instrument and cash deposit (residual);
- U3 cash deposit < EUR 15,000;
- U4 cash withdrawal < EUR 15,000.
The UIF reminded that any movement of cash equal to at least EUR 10,000 in cash during a calendar month, also if made through several transaction each equal to at least EUR 1,000, must be included in the objective communications.
Payment services: consultation on a draft decree introducing the register of affiliated subjects and agents of payment services providers and electronic money institutions (Schema DM Soggetti Convenzionati).
On 5 October 2021, the Treasury Department of the Ministry of Economy and Finance launched a public consultation on a draft decree on the register of the affiliated subjects and agents of payment services providers and electronic money institutions pursuant to Article 45, paragraph 3, of Legislative Decree No 231 of 21 November 2007 (“Italian AML Decree“). In particular, the introduction of this register is aimed at allowing a closer monitoring on the compliance of the affiliated subjects and agents used by payment services providers and electronic money institutions to operate in Italy (especially by those located in other EU Member States) with the relevant AML obligations provided by the Italian AML Decree. In this respect, the register also includes a special section that lists the central contact points used by payment services providers and electronic money institutions located in other EU Member States to operate in Italy. This register will be held by the OAM (Organismo degli agenti in attività finanziaria e dei mediatori creditizi).
The deadline for the submission of observations expired on 5 November 2021.
KYC: the Bank of Italy adheres to EBA Guidelines on risk factors for customer due diligence (Nota n. 15 del 4 ottobre 2021)
On 4 October 2021, the Bank of Italy issued a notice announcing the full adherence of the Authority to the EBA Guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (‘The ML/TF Risk Factors Guidelines’) under Articles 17 and 18(4) of Directive (EU) 2015/849 (EBA/GL/2021/02) (“EBA KYC Guidelines“). The EBA KYC Guidelines supersede the European Supervisory Authorities’ Joint Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions.
The EBA KYC Guidelines became applicable on 26 October 2021.