Italy: Financial Intelligence Unit Announces Changes to Periodic AML Reporting Process

On April 12, 2019, the Italian Financial Intelligence Unit (UIF) announced changes to the process of reporting data related to cash transactions in accordance with the 4th Anti-Money Laundering Directive and the "objective communications" guideline.

The UIF, in consultation with the Financial Security Committee (FSC), identified the need to acquire data relating to cash transactions to combat money laundering and brought about a new reporting guideline known as "objective communications" on March 28, 2019. This guideline provides specific instructions on data transmission, the method of data transmission and the timeline within which this data must be submitted to the UIF.

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