On October 3, 2019, the Italian Government enacted a Legislative Decree (“Law”) aimed at implementing the EU Directive 2018/843 regarding anti-money laundering matters in EU state members.
While the content of the Law is still unknown, the Law should introduce the following changes to the current Italian anti-money laundering framework. In particular, in accordance to the press release published on the website of the Italian Government, the Law aims at:
- defining some categories of entities covered by the Law, including Italian branches of insurance intermediaries headquartered in another Member Sate or in a non-EU Country;
- an expansion of the audience of recipients of anti-money laundering obligations;
- new rules on the treatment of virtual and cryptocurrency currencies as well as on foreign branches;
- adopting due diligence measures and standards that financial intermediaries have to put in place in respect of clients who transact business with high-risk countries (where the money laundering risk is high), including verification processes that banks or financial intermediaries must implement for such clients;
- empowering certain public authorities with powers to investigate anti-money laundering practices, including the power to forbid the establishment of branches in high-risk countries;
- fine-tuning anti-money laundering sanctions.
Compliments of AEM Carnelutti, a member of the EACCNY