Italy: Central Bank Publishes Information Regarding Adequate Customer Verification to Combat Money Laundering and Terrorist Financing

On July 30, 2019, the Bank of Italy published provisions on the subject of adequate customer verification to combat money laundering and terrorist financing with the aim of implementing the 4th Anti-Money Laundering Directive (4th AMLD) and joint guidelines of the European supervisory authorities that both credit and financial institutions must take into account when assessing money laundering and terrorist financing (ML/TF) risk.  

The Bank of Italy notes that the identification and assessment of the ML/TF risks relating to customers must take a risk-based approach and that the intensity and extent of the obligations of adequate verification will vary according to the degree of the identified ML/TF risk associated with the individual customer.

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